- Penumbra has made a full recovery from lows of December 2020 as the company regains steam on the charts.
- Nothing changed fundamentally after the catheter recall, however the market punished PEN shares immediately afterwards.
- It took PEN 2 months to recover and set new all-time highs, a testament to the investor attractiveness to this name.
- The company's deep pipeline and series of upcoming product launches is under-reflected in PEN shares at present, by estimation.
- We value shares at $336, a 22% margin of safety and upside potential.
For further details see:
Penumbra: Short Thesis Did Not Hold, Core Business Remains Strong