Silk Road shares up on raised revenue forecast

Silk Road Medical

09/11/2022 15:51

** Shares of medical device maker Silk Road Medical Inc
 SILK.O  up 4.2% at $43.93, hits highest level in nearly a year 
    ** SILK now sees FY 2022 revenue rising to $134 mln-$137
mln, vs prior range of $126 mln-$132 mln
    ** Co says Q3 revenue benefited from strong U.S. demand for
its medical device to treat blocked arteries 
    ** SILK reports Q3 revenue of $37.4 mln, up 51% YoY; posts
loss of 23 cents/shr
    ** At least two of the seven brokerages covering stock raise
PTs, average PT on stock is now $44.80 - Refinitiv
    ** J.P.Morgan ("overweight") raises PT to $50 from $46,
saying another clean quarter bodes well for Silk Road's outlook
closing out the year
    ** Brokerage sees continued momentum on standard risk and
new product innovations driving greater revenue per procedure in
2023
    ** Shares up 3.5% YTD including session gains
 (Reporting by Shreyashi Sanyal)
 ((Shreyashi.Sanyal@thomsonreuters.com;))