The Polynovo Ltd (ASX: PNV) share price is racing higher despite no new announcements from the company today.
At the time of writing, the medical device company's shares are exchanging hands for $1.14 apiece, up 7.55%. Earlier today, the company's share price reached an intraday high of $1.165.
Polynovo shares stage a comeback
After hitting a multi-year low of 83.5 cents earlier this month, it appears the Polynovo share price has finally bottomed out. This is after a long and arduous 12-month journey in which its shares continually treaded downwards.
Nonetheless, a possible reason behind the recent uptick could be related to the S&P/ASX 200 Healthcare (ASX: XHJ) sector.
Currently, the index has risen 1.67% to 40,017.6 points during early afternoon trade, recording its best day in two weeks.
In addition, a couple of brokers have rated Polynovo shares with varying price points in late February.
The team at Macquarie cut its 12-month price target for Polynovo shares by 44% to $1.60 apiece. This implies a potential upside of 29% from where the company's shares are trading today.
Furthermore, analysts at Wilsons dropped their outlook on Polynovo shares by 22% to $1.11 each. It appears the broker is on the mark as to where the medical company's shares are valued.
Polynovo share price summary
When looking year to date, the Polynovo share price has lost almost 25% in value for shareholders.
However, over the past 12 months, its losses have magnified to around 60%.
Based on today's price, Polynovo presides a market capitalisation of about $751 million.
