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  "documentTitle": "Penumbra, Inc. (PEN)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2019-07-31 00:00:00",
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  "notes": "The table explicitly calculates the percentage change from current sell-side estimates to the activist's bear/bull cases across key financial metrics.",
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      "text": "Spruce Point sees 40-55% downside in PEN shares as sales growth adjusts downwards and investors adjust their own projections.",
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      "text": "Share Price: $84.35",
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      "text": "Spruce Point believes that rising competition in Penumbra's U.S. ischemic stroke business is driving pricing pressure and market share losses which will soon translate into significantly reduced segment sales growth.",
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