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Home » China probes medtech pricing | Wall Street Beat

China probes medtech pricing | Wall Street Beat

September 4, 2013 By Arezu Sarvestani

MassDevice.com Wall Street Beat

The Chinese Commerce Ministry’s anti-monopoly bureau is looking for information on pricing and operations at medical device makers within the country as well as from around the world, according to a Reuters report.

Local sources told the new service that concerns about local corruption and price-fixing may have spurred the survey, but a deputy director at the China Assn. for Medial Devices Industry told reporters that there hadn’t been word of any official investigations into the sector.

The heightened interest from government authorities come amid concerns about price-fixing, bribery and corruption within the country’s medical device industry, Reuters reported.

"This is certainly not common," an unnamed Beijing biotech executive told the news service. "I have been working in this industry for 10 years and have never encountered anything like this."

 Medtronic VP Szyman dumps $3M in shares
Medtronic (NYSE:MDT) vice president and diabetes group president Catherine Szyman unloaded nearly $3 million in shares, selling almost 57,000 units late last month at an average price of $52.60 apiece. Szyman still owns more than 21,200 shares. MDT shares closed last night at $52.09, a 0.7% increase on the day. Read more

 Boston Scientific CFO Capello unloads $5.6M in shares
Boston Scientific (NYSE:BSX) finance chief Jeffrey Capello this week sold 525,000 shares of BSX stock at an average price of $10.68 apiece, for a total of more than $5.6 million. Capello still owns nearly 147,500 shares of BSX stock, which closed last night at $10.90, a 3% increase on the day. Read more

 Insulet director Crawford sells 9,000 shares
Insulet (NSDQ:PODD) director Sally Crawford this week made about $300,800 through sales of company stock, dumping 9,000 shares at an average price of $33.42 apiece. Crawford still owns 7,000 shares of PODD stock, which closed last night at $33.49, a 0.5% increase on the day. Read more

 Private-equity backed mergers come back with a vengeance
So far this year mergers and acquisitions backed by private-equity firms have hit highs not seen since 2007, according to a Thomson Reuters report. Global deals were valued at more than $196 billion this year, 23% higher than during the same period in 2012. Read more

 Analysts’ ups and downs

  • Bio-Rad Laboratories (NYSE:BIO): TheStreet downgrades from “buy” to “hold” rating
  • Boston Scientific (NYSE:BSX): TheStreet upgrades from “hold” to “buy” rating
  • C.R. Bard (NYSE:BCR): Bank of America raises price target from $125 to $140, maintains “buy” rating
  • Cynosure (NSDQ:CYNO): TheStreet downgrades from “buy” to “hold” rating
  • GE (NYSE:GE): TheStreet reiterates “buy” rating.
  • Given Imaging (NSDQ:GIVN): TheStreet upgrades from “hold” to “buy” rating
  • Intuitive Surgical (NSDQ:ISRG): Nasdaq maintains “neutral” rating
  • Intuitive Surgical (NSDQ:ISRG): First Analysis downgrades to “underweight” rating
  • Medtronic (NYSE:MDT): Deutsche Bank raises price target from $55 to $56, reiterates “hold” rating
  • ResMed (NYSE:RMD): Bank of America upgrades from “neutral” to “buy” rating
  • Smith & Nephew (FTSE:SN, NYSE:SNN): Numus Securities reiterates “add” rating

Filed Under: Emerging Markets, Mergers & Acquisitions, News Well, Wall Street Beat Tagged With: Boston Scientific, Insulet

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