Globus Medical files for IPO | Wall Street Beat Wall Street Beat

Globus Medical filed for an initial public offering yesterday, saying it’s planning a reverse split of its existing stock just before the IPO launches.

The Audubon, Pa.-based orthopedic device maker, which ran afoul of the FDA last month, said it hopes to trade under the "GMED" ticker on the New York Stock Exchange.

The filing didn’t detail how many shares Globus plans to issue or their price, but the company put a $100 million sticker on the SEC registration to calculate the regulator’s filing fee.

Last month the FDA fined Globus $1 million for marketing its NuBone bone graft products without proper approval from the watchdog agency. The company told at the time that the fine was the result of an "unfortunate miscommunication" with the FDA.

"Significantly, the amended complaint does not allege any intentional wrongdoing by Globus Medical or Mr. Paul," the company said. "Despite its history of safe use, Globus decided to discontinue NuBone in 2010."

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 Funding Roundup

 Analysts’ ups and downs

  • Allergan (NYSE:AGN): Credit Suisse increases price target from $102 to $104, maintains "outperform" rating.
  • Analogic (NSDQ:ALOG): Benchmark Co. raises price target to $82 from $65, maintains “buy” rating.
  • Medtronic (NYSE:MDT): Zacks Equity Research reaffirms "neutral" rating.
  • Unilife (NSDQ:UNIS): Leerink Swann maintains "outperform" rating, $5-$6 price target.

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