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April 14, 2014
10:51 EDTEW, MDTEdwards up after court limits sale of Medtronic's CoreValve in U.S.
Shares of cardiovascular technology company Edwards Lifesciences (EW) are rising today after a U.S. district court granted a preliminary injunction limiting the sale of Medtronic's (MDT) CoreValve system in the U.S. Shares of Medtronic, meanwhile, are falling following the news. WHAT'S NEW: On April 12, Edwards said a U.S. district court in Delaware granted a preliminary injunction, to go into effect in seven days, limiting the sale of Medtronic's CoreValue system in the U.S. In addition, the court ordered Medtronic and Edwards to enter into immediate talks to agree on a mechanism that will enable physicians at facilities currently trained on CoreValve to make a clinical judgment as to which device to implant, free from the limitations of the injunction. Medtronic responded on April 13 by saying that the ruling has no impact on the sale or marketing of CoreValue outside of the U.S. or the use of CoreValue in the current U.S. clinical trials. Medtronic is appealing the court's injunction and intends to ask the Federal Circuit Court of Appeals to prevent it from going into effect until it determines if the injunction was properly issued. ANALYST REACTION: JPMorgan upgraded Edwards Lifesciences to Neutral from Underweight following the news and raised its price target for shares to $78 from $60. JPMorgan also downgraded Medtronic to Neutral and lowered its price target on that stock to $64 from $69. Another firm, CRT Capital, also upgraded Edwards Lifesciences in response to the news. CRT Capital analyst Shagun Chadha feels that the court decision to grant a preliminary injunction against MDT’s CoreValve focuses the market balance in favor of Edwards and took the stock up to Buy from Fair Value with a price target of $87. Canaccord Genuity analyst Jason Mills said that Edwards achieved a "surprising" and noteworthy win in the courts. Mills noted, however, that he still foresees Edwards to cash in via other forms of equitable relief in lieu of a final injunction. The firm is maintaining its 12-month price target of $84 on Edwards Lifesciences shares. PRICE ACTION: During morning trading, shares of Edwards Lifesciences were up $10.01 or 13.72% to $82.98. Shares of Medtronic fell $1.28 or 2.16% to $57.92.
News For EW;MDT From The Last 14 Days
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November 27, 2015
06:59 EDTMDTMedtronic volatility flat into Q2 and outlook
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November 24, 2015
08:31 EDTMDTMedtronic remains a top tier performer in Med Device space, says Cowen
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November 20, 2015
05:22 EDTMDTStocks with implied volatility movement; MDT UNH
Stocks with implied volatility movement; Medtronic (MDT) 25, UnitedHealth (UNH) 30 according to iVolatility.
November 19, 2015
16:34 EDTEWEdwards Lifesciences approves two-for-one stock split
Edwards Lifesciences approved a two-for-one split of the company's outstanding shares of common stock to be effected as a 100% stock dividend. This will be the company's second stock split since it went public in April 2000. Stockholders of record at the close of business on November 30 will be issued one additional share of common stock for each share owned as of that date. The additional shares will be distributed on December 11. The stock split will increase the number of common shares outstanding from approximately 108M shares as of the record date, to approximately 216M shares.
November 17, 2015
09:14 EDTMDTMedtronic announces FDA approval, launch of MyCareLink Smart Monitor
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