Business Services Industry
Montgomery Securities Initiates Coverage of Novoste Corporation with a BUY Rating
Business Wire, June 18, 1996
SAN FRANCISCO--(BUSINESS WIRE)--June 18, 1996--Montgomery Securities Analyst Kurt Kruger has initiated coverage of Novoste Corporation (NASDAQ: NOVT) with a BUY rating.
Kruger expects the company to earn $1.66 per share and reach sales of $110 million in Fiscal Year (December) 2000. His target price range is $18-28, or 44-124 percent above current levels.
Novoste is a pioneer in the use of beta radiation to treat blood vessels that have reclogged following balloon angioplasty. The company faces significant market opportunity, since of the more than 850,000 angioplasty procedures that are performed each year, as many as 35-50 percent of patients experience restenosis, or a re-narrowing of the artery.
Kruger believes that any procedure that can effectively reduce restenosis is likely to be used in all patients, given that the condition occurs is such a large percentage of angioplasty patients and that doctors cannot predict which patients will experience restenosis. In addition to heart disease, he also expects Novoste's system to be applicable to peripheral (legs) vascular disease.
Novoste is currently conducting the Phase I safety portion of its clinical trials in the U.S., with no adverse events related to the procedure reported as yet. Kruger projects FDA approval for the company's King Beta-Cath System in the second quarter of 1999.
CONTACT: Montgomery Securities
Kurt Kruger, 415/627-2840
or
Elizabeth Snowdon, 415/627-2747
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