Procept Biorobotics Receives Price Target Hike After Investor Day Event

TD Cowen's Joshua Jennings raised their price target on Procept Biorobotics (NASDAQ: PRCT) by 15.4% from $65 to $75 on May 6, 2024. The analyst maintained their Strong Buy rating on the stock.

Jennings' price target hike followed Procept Biorobotics' 2024 AUA Investor Day event on May 3, where the company's management expressed their ambition to become the "top urological company in the world." The event showcased the potential of Aquablation therapy in addressing unfulfilled clinical needs in low and intermediate-risk prostate cancer, as well as its therapeutic value for Benign Prostatic Hyperplasia (BPH).

Piper Sandler's Matthew O'Brien also issued an update on PRCT on May 6. O'Brien raised their price target by 11.9%, from $67 to $75, and similarly maintained their Strong Buy rating on the stock.

Currently, 100% of top-rated analysts rate PRCT as a Strong Buy or Buy, with no analysts suggesting a Hold or recommending selling the stock.

Since Procept Biorobotics' last quarterly report on March 31, 2024, the stock price has risen by 24.3%. Looking at the year-over-year performance, the stock has surged by 122.7%. These gains have outpaced the broader market, with PRCT surpassing the S&P 500's increase of 25.2% during the same period.

TD Cowen analyst Joshua Jennings is highly regarded, ranked in the top 16% of 4,575 Wall Street analysts by WallStreetZen. Jennings specializes in the Technology and Healthcare sectors and boasts an average return of 10.3% with a 50% win rate.

Procept BioRobotics Corporation, based in Redwood City, CA, is a surgical robotics company focused on advancing urology solutions. The company's AquaBeam Robotic System, a minimally invasive surgical robotic system, primarily targets benign prostatic hyperplasia. With an install base of 130 AquaBeam Robotic Systems worldwide, including 78 in the U.S., Procept BioRobotics has made significant strides since its incorporation in 2007.

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