Surmodics, Inc. (NASDAQ:SRDX) price target was raised to $76 from $68 by Needham & Co. The brokerage believes the US thrombectomy total available market (TAM) is large at $4B+ and very underpenetrated and it expects the company to expand its thrombectomy platforms into additional indications (such as pulmonary embolism and stroke). The company's recent acquisition of Vetex Medical and its ReVene Thrombectomy Catheter brings it a second thrombectomy device for venous use that complements it existing Pounce Thrombus Retrieval System for arterial use.

According to Needham, the company is nearing a number of meaningful catalysts and its revenue growth has likely bottomed. The brokerage expects the company to finally begin to generate meaningful revenue from its whole-products solutions in 2021 now that several of its 510(k) products have been launched in the US and its SurVeil DCB has received a CE Mark in Europe.