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April 14, 2014
10:51 EDTMDT, EWEdwards 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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July 29, 2015
07:58 EDTEWEdwards Lifesciences price target raised to $179 from $157 at Stifel
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07:46 EDTEWEdwards Lifesciences price target raised to $178 from $160 at Canaccord
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07:43 EDTEWEdwards Lifesciences price target raised to $185 from $155 at Leerink
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07:23 EDTEWEdwards Lifesciences price target raised to $168 from $155 at JPMorgan
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July 28, 2015
16:30 EDTEWEdwards Lifesciences sees Q3 EPS 92c-$1.00, consensus 98c
Sees Q3 revenue $580M-$620M, consensus $587.06M.
16:28 EDTEWEdwards Lifesciences raises FY15 EPS view to $4.30-44.40, consensus $4.28
Backs FY15 revenue view $2.3B-$2.5B, consensus $2.41B
16:26 EDTEWEdwards Lifesciences reports Q2 EPS $1.13 , consensus $1.05
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15:21 EDTEWNotable companies reporting after market close
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July 22, 2015
10:15 EDTMDTThoratec downgraded to Market Perform from Outperform at Northland
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