Shares of Boston Scientific (NYSE:BSX) dropped below $6 per share for the first time in almost a year, amid another day of heavy losses on Wall Street.
The Natick, Mass.-based medical device colossus ended the day with its shares trading at $5.91, its lowest point in 11 months. The company last traded in the $5 range back in September 2010.
Since reporting its second-quarter earnings July 28, shares of BSX have dropped by more than 19 percent. While stocks are down across the board due to a nightmare stretch of heavy selling on The Street, BSX’s losses are more severe than those of the Dow Jones Industrial Average, which lost about 12 percent over the same period.
Boston Scientific is hardly alone. Over the same period, BSX competitor Medtronic Inc. (NYSE:MDT) watched its shares drop 15 percent; St. Jude Medical (NYSE:STJ) fell 13 percent and Abbott (NYSE:ABT) shares slid 9 percent.
In other news on The Street, Fidelity Management & Research Company revealed an increased stake in Volcano Corp. (NSDQ:VOLC). Fidelity increased its ownership in the San Diego-based company by 61 percent since Volcano’s last proxy statement in late March. The fund now owns 5.6 million shares of VOLC, good for a 10.7 percent share of the company.
Fidelity also made a few more moves in med-tech, paring its stake in Kinetic Concepts Inc. (NYSE:KCI) by nearly 40 percent and revealing a 12.5 percent position in Conceptus Inc. (NSDQ:CPTS).
