SeaSpine (SPNE) - Get SeaSpine Holdings Corp. Report shares rose on Thursday as analysts reacted positively to the Food and Drug Administration’s clearance of its 7D Percutaneous Spine Module for spinal surgery.
The Carlsbad, Calif., medical-technology company is preparing a limited release of the module in this quarter.
SeaSpine recently traded at $21.12, up 12%. The stock has gained 22% in the past six months.
As for the analysts, Piper Sandler’s Matthew O’Brien affirmed his overweight rating and $28 price target.
The 7D technology should give SeaSpine “some of the best growth in spine in the years to come,” he wrote in a commentary cited by Bloomberg.
Wells Fargo analyst Shagun Singh says 7D technology provides SeaSpine the opportunity to distinguish its platform from other small spine players in a “highly commoditized market,” Bloomberg reports.
“The 7D Percutaneous Spine Module for minimally invasive surgery represents a new application and increased functionality for its 7D Flash Navigation System,” SeaSpine said.
“The 7D Flash Navigation System uses visible light to create a three-dimensional image for surgical navigation in just seconds, which is expected to result in shorter and more efficient spinal procedures.”
In other health news, Biohaven Pharmaceutical (BHVN) - Get Biohaven Pharmaceutical Holding Company Ltd. Report said Wednesday that its Nurtec ODT migraine drug registered $93 million of sales in the second quarter.
Meanwhile, Advaxis (ADXS) - Get Advaxis, Inc. Report said Tuesday that it agreed to be purchased by peer biotech Biosight of Lod, Israel, for stock. Biosight holders will own 75% of the company, and Advaxis holders will own 25%.
The combined company will be named Biosight Therapeutics and trade on Nasdaq with the ticker symbol BSTX.