ASXC - Asensus shares surge 27% in afternoon trading following H.C. Wainwright initiation

Asensus Surgical (ASXC) shares are up 27% in afternoon trading after H.C. Wainwright initiated the stock with a buy rating and $4 price target (~97% upside).Analyst Swayampakula Ramakanth says that as about 16M laparoscopic procedures are completed globally every year, the company’s operating lease model could speed up the adoption as it removes the upfront cost burden for clients.In a Q1 earnings call earlier this month, CEO Anthony Fernando noted that the company still saw strong procedure volumes despite elective procedure constraints caused by the pandemic. The company completed 500 procedures in the quarter.In addition, at the end of March, Asensus signed lease agreements for its Senhance Surgical System with two hospitals in Europe, which should be installed this quarter.Revenue in the quarter more than tripled year-over-year from $600K to $2.1M.

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Asensus shares surge 27% in afternoon trading following H.C. Wainwright initiation