A Piper Jaffray analyst raised his price target on Abiomed Inc. (AMBD)  to $480 a share from a previous $360 despite the stock falling some 4.2% since Wednesday to close at $427.29 Friday.

Piper Jaffray analyst Matt O'Brien's bullish outlook on Abiomed stems from his belief that the company's Impella heart implant devices and other technologies are still ahead of any competition in the market today, according to Bloomberg.

O'Brien maintained a "Buy" rating on Abiomed, which currently has a total of eight "Buy" recommendations and two "Hold" positions from among analysts who follow the company.

AMBD's recent struggles in the market seem to be an outlier, as the stock has climbed 12% so far in June and increased 128% since the year began. That includes an 11% bump on May 3 after the company reported a 115% increase in net income from the 2016 to 2017.

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Abiomed's performance hinges primarily on its Imepella heart products, which Raymond James analyst Jayson Bedford warned in May note could foreshadow extreme volatility for the stock.

Although the company has less than 3% market share in heart implants, Abiomed derives 100% of its revenue from the sector. Major players such as Medtronic PLC (MDT) - Get Report and Boston Scientific Corp. (BSX) - Get Report account for a larger percentage of sales in the industry, but don't rely on their implant products as their main revenue drivers, according to FactSet data.

(This story has been updated to reflect Friday's closing stock price.)