Shares of Stryker (NYSE:SYK) hit a 52-week high yesterday, peaking at $64.46 apeice before closing at $63.88, down 0.2% on the day.
STK shares are up about 3% since the medical device company reported 4th-quarter and 2012 results Jan. 24. Stryker said yesteday that it plans to issue a 26.5¢ dividend to shareholders.
The stock was trading at $63.79 per share as of about 12:50 p.m. today, down 0.1%.
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Stryker reported a nearly 33% drop in net income for the 4th quarter on expected charges related to the Rejuvenate and ABG II modular-neck hip stems recall, but managed to end 2012 on an up note.
The Kalamazoo, Mich.-based company reported net income of $270 million, or 71¢ per share, on $2.34 billion in sales during the last 3 months of the year, a dramatic drop from a $401 million profit on $2.21 billion in sales posted during Q4 2011.
Excluding the $133 million recall charge, Stryker’s Q4 adjusted earnings per share jumped 12% to $1.14, beating analysts’ $1.11-$1.13 expectation.
JDRF, Calif. Inst. for Regenerative Medicine drop $6M on ViaCyte
JDRF and the California Institute for Regenerative Medicine said they’ll each put $3 million toward ViaCyte’s stem cell-based therapy for Type 1 diabetes.
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NxStage Medical goes direct-to-consumer with home dialysis device
NxStage Medical (NSDQ:NXTM) said it’s inaugurated a push to market the benefits of its System 1 home hemodialysis device, "to increase awareness about the benefits of home hemodialysis (HHD) and advocate for reimbursement policy changes with the Centers for Medicare and Medicaid Services."
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Boston Scientific details HQ move
Groundbreaking for the 2nd phase of Boston Scientific‘s (NYSE:BSX) move from Natick, Mass., to nearby Marlborough is slated to begin in April, Marlborough mayor Arthur Vigeant said this week. The company has already put about $100 million into the site, which measures about 504,000 square feet. Another $6 million in improvements are being finished now, a company spokesman told the mayor.
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EnteroMedics dives on failed trial, despite lower losses
EnteroMedics (NSDQ:ETRM) managed to pare its 4th-quarter and full-year losses, but a failed trial of its Maestro neurostimulation weight loss device pushed shares down more than 5% this week.
The St. Paul, Minn.-based medical device company reported losses of $7.0 million, or 17¢ per share, for the 3 months ended Dec. 31, 2012, down 12.8% and 22.7%, respectively, compared with Q4 2011. Full-year losses fell 9.8% to $23.5 million, or 59¢ per share, itself a 31.4% reduction.
Investors were not reassured, sending ETRM shares to $1.16 as of about 1:10 p.m. today, down 5.7%.
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Analysts’ ups and downs
- Amgen (NSDQ:AMGN): William Blair downgrades from "outperform" to "market perform" rating.
- Boston Scientific (NYSE:BSX): Barclays reiterates “overweight” rating, $8 price target; Deutsche Bank raises price target from $6.70 to $7.20, maintains "hold" rating; Deutsche Bank raises price target from $6.70 to $7.20, maintains "hold" rating; Leerink Swann maintains "market perform" rating, raises price target from $7 to $8; Stifel Nicolaus raises price target from $8 to $9, maintains "buy" rating.
- Cynosure (NSDQ:CYNO): Leerink Swann reiterates “ouperform” rating, increases price target to $36 from $31.
- Hospira (NYSE:HSP): Leerink Swann maintains “market perform” rating, lowers price target to $31-$32 from $33-$34.
- Medtronic (NYSE:MDT): Lazard Capital Markets downgrades "neutral" rating; Leerink Swann reiterates "market perform" rating, increases price target to $48 from $43.
- Sirona Dental Systems (NSDQ:SIRO): Stifel Nicolaus raises price target from $71 to $80, maintains “buy” rating
- Syneron Medical Ltd. (NSDQ:ELOS): Leerink Swann reiterates “outperform” rating, raises price target to $17 from $16-$17.
- Unilife (NSDQ:UNIS): Jefferies maintains "buy" rating, lowers price target from $5 to $3.50; Leerink Swann maintains "outperform" rating, $5-$6 price target.
