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Cardiovascular Systems prices $33M offering | Wall Street Beat

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MassDevice.com Wall Street Beat

Cardiovascular Systems (NSDQ:CSII) priced a public offering of some 2 million shares of CSII stock at $17.60 apiece, saying it expects to net about $33 million from the deal.

The St. Paul, Minn.-based medical device company has said it plans to use the proceeds for working capital and general corporate purposes, which is likely to include backing for its ORBIT II clinical trial of its atherectomy device.

CSII shares jumped nearly 18% last week after the company revealed what 1 analyst called "convincingly positive" 30-day data from the ORBIT II study.

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The offering includes a 30-day over-allotment option of 300,000 shares for the underwriters, according to a press release.

CSII shares were trading at $18.62 each as of about 12:50 p.m. today, up 4.8%.

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 Analysts’ ups and downs

  • Abbott (NYSE:ABT): Deutsche Bank maintains “hold” rating.
  • Cardinal Health (NYSE:CAH): Goldman Sachs reiterates "neutral" rating, lowers price target from $50 to $48; ISI Group downgrades from "strong buy" to "buy" rating, lowers price target from $50.50 to $48.50; Morgan Stanley reiterates "overweight" rating, lowers price target from $54 to $48.
  • Delcath (NSDQ:DCTH): Wedbush maintains "outperform" rating, lowers price target from $9.55 to $5.
  • Echo Therapeutics (NSDQ:ECTE): LifeTech Capital reiterates "strong speculative buy" rating, lowers price target from $5 to $3.75.
  • Endo Health (NSDQ:ENDP): Bank of America reiterates $33 price target, “buy” rating.
  • ICU Medical (NSDQ:ICUI): Benchmark Co. reiterates "buy" rating, $69 price target.
  • Intuitive Surgical (NSDQ:ISRG): Lazard maintains "buy" rating, $625 price target.
  • McKesson (NYSE:MCK): Goldman Sachs reiterates "buy" rating, lowers price target from $124 to $122.
  • NuVasive Inc. (NSDQ:NUVA): TheStreet upgrades from "sell" to "hold" rating.
  • Opko (NYSE:OPK): Jefferies reiterates "buy" rating, raises price target from $8 to $9.
  • Optos plc (LON:OPTS): Singer cuts Optos to "sell" to "hold" rating, maintains 172p price target.
  • Smith & Nephew (FTSE:SN, NYSE:SNN): Morgan Stanley raises price target from $10.39 to $10.98, maintains “equal weight” rating.
  • Steris (NYSE:STE): Bank of America reiterates "buy" rating, raises price target from $42 to $43.
  • Vascular Solutions (NSDQ:VASC): Benchmark Co. reiterates "hold" rating, $17 price target; Canaccord Genuity reiterates "buy" rating, $20.50 price target

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