Piper Sandler analyst Matt O’Brien lowered the firm’s price target on TransMedics (TMDX) to $110 from $180 and keeps an Overweight rating on the shares. A debate on heart transplant versus mechanical circulatory support called for expansion of the donor pool through adopting DCD procurement and preservation technologies. The firm believes the total market opportunity is likely underestimated as limited donor availability was noted as a reason why patients don’t even make it on the waitlist. Market expansion would primarily benefit TransMedics considering it has the only FDA approved machine perfusion device for hearts at the moment, Piper adds.
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