AngioDynamics' (NASDAQ:ANGO) NanoKnife Warning Immaterial, Says Canaccord, Buy on Weakness

Speaking to the recent warning by the FDA concerning the Nanoknife, Canaccord Genuity said they don't think it'll have much impact on AngioDynamics (NASDAQ:ANGO), and recommend buying the company on weakness.

Canaccord says, "We do not believe the recently-announced FDA warning will have any material impact on NanoKnife US clinical timelines, albeit we think there could be modest disruption to US commercial sales if hospital administrators or payors become more cautious near term. That said, we are not changing our NanoKnife estimates ($1.6M NanoKnife sales WW in FQ3E; ~3% of sales)...We would be opportunistic buyers of the stock on weakness >10% near term."

Canaccord Genuity maintains a "Hold" rating on AngioDynamics (ANGO), which closed Wednesday at $16.58, up $0.39, or 2.41 percent. Canaccord has a price target of $17 on them.