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Home » Edwards Lifesciences hits new high on FDA panel’s Sapien nod | Wall Street Beat

Edwards Lifesciences hits new high on FDA panel’s Sapien nod | Wall Street Beat

June 15, 2012 By MassDevice staff

MassDevice.com Wall Street Beat

Edwards Lifesciences (NYSE:EW) hit a new 52-week high yesterday as Wall Street reacted to news of an FDA panel’s near-unanimous recommendation to expand approval of its Sapien transcatheter heart valve.

Edwards opened yesterday at $91.21, hit the $99 high mid-morning and closed at $96.88, clusing up 7% on the day.

Analysts lined up to raise their valuations on the company in light of the FDA vote, which was 11-0 in favor, with 1 abstaining, for expanding approval for the Sapien transcatheter aortic valve implantation system to a wider group of patients. Should the FDA follow the panel’s recommendation, Edwards will win approval to market its transcatheter aortic valve implant for patients whose aortic stenosis is operable, but who are not good candidates for open heart surgery.

Analysts at Jeffries, Leerink Swann, Citigroup, Barclays, Deutsche Bank and BMO Capital all raised their price targets for the company, some by as much as $21, helping drive the stock’s spike on The Street.

Shares continued to rise after hours, gaining another 1.2% and trading at $98 as of about 6:30 p.m. last night.

EW shares opened up a hair today at $97.42 and were trading at $96.96 as of about 10 a.m.

The device maker in November 2011 won PMA for the Sapien device for inoperable patients with aortic stenosis, a hardening and narrowing of the aortic valve.

 J&J sets aside an extra $600M for future legal settlements
Johnson & Johnson (NYSE:JNJ) will report a special $600 million charge in its fiscal 2nd quarter as it bolsters its coffers to pay out legal settlements in cases involving a trio of drugs.  Read more

 Bard announces $500M share buyback
C.R. Bard (NYSE:BCR) shareholders approved a $500 million share repurchasing program, adding to a previously announced $88 million share buyback authorized in June 2010. BCR shares closed down 0.5% yesterday. 
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 GPOs:

  • Teleflex lands central venous catheter contract with HealthTrust
  • Novation signs orthobiologics deals with Stryker, Integra Lifesciences, Bacterin and the Musculoskeletal Transplant Foundation

 Analysts’ ups and downs

  • Abbott (NYSE:ABT): Standard & Poor’s puts Abbott on "CreditWatch" listing as the company splits its pharmaceutical business into an independent unit.
  • Edwards Lifesciences (NYSE:EW): Jeffries reiterates "buy" rating, raises price target from $92 to $100; BMO Capital raises price target to $94, maintains "market perform;" Deutsche Bank maintains "hold" rating, raises price target from $75 to $80; Citigroup maintains "buy" rating, boosts price target from $84 to $105; Leerink Swann raises price target from $90 to $104, maintains "outperform" rating; Barclays maintains "equalweight" rating, raises price target from $80 to $90.
  • Stryker (NYSE:SYK): Standard & Poor’s raises short-term credit rating to "A-1+."

Filed Under: News Well, Replacement Heart Valves, Wall Street Beat Tagged With: C.R. Bard, Edwards Lifesciences, Johnson and Johnson

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