Stock Forecast: Abiomed (ABMD) Surpasses 52-Week High, Becoming a High-Flier After Beating Q4 Expectations
This article was written by Esther Hanon, a Financial Analyst at I Know First.
[Source: MassDevice.com, May 9th, 2018]
“Abiomed delivered another record quarter and fiscal year. I am proud of our Patients First execution and operational discipline from research to manufacturing to customer support. We earned multiple global regulatory approvals in the US, Germany, and Japan on new products, new indications, and reimbursement,”
---Michael R. Minogue, Chairman, President and Chief Executive Officer, ABIOMED, Inc.
Stock Forecast: Abiomed (ABMD) Surpasses 52-Week High, Becoming a High-Flier After Beating Q4 Expectations
Summary:
- Abiomed stock is flying high today, rising nearly 15%, after issuing better-than-expected results and issuing bullish guidance. In the past six months, Abiomed's shares have gained 77.3% against the industry 's decline of 10.1%.
- The company has hit maximum technical strength and has broken out to a five bull momentum rating is extreme strength and through technical resistance.
- Revenue jumped 40% to $174.4 million. For context, Wall Street was only expecting $164 million.
- Stock have surpassed their 52-week high, as positive news of beating Q4 earnings and new product expansions.
- The company received two label expansion claims for its Impella heart pumps in February. These new indications should expand its addressable market in the U.S.
- Abiomed received FDA approval for a new Impella pump called the CP in early April, and also won European approval for its Impella 5.5
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