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Stock Market & Financial Investment News

News Breaks
April 14, 2014
09:17 EDTHTWRHeartWare upgraded to Outperform from Perform at Oppenheimer
Oppenheimer upgraded HeartWare to Outperform with a $103 price target. Note shares were also upgraded this morning at BTIG and downgraded to Sell at Goldman Sachs.
News For HTWR From The Last 14 Days
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January 28, 2016
13:34 EDTHTWRHeartWare upgraded to Outperform from Market Perform at Wells Fargo
11:11 EDTHTWRHeartWare rallies after scrapping Valtech acquisition
The shares of HeartWare (HTWR) are surging after the company announced that would terminate its acquisition of privately held Valtech. Two research firms reacted positively to the news, with Leerink Swann saying that the company made the right decision, given its current difficulties and Raymond James upgrading HeartWare following the news. HeartWare develops and manufactures miniaturized implantable heart pumps, while Valtech has developed a method of replacing mitral valves in human hearts without the need for open heart surgery. WHAT'S NEW: HeartWare decided to terminate its acquisition of Valtech, the companies announced this morning. Pursuant to the terms of the agreement, HeartWare will make a $30M loan to Valtech in the form of a convertible promissory note. ANALYST REACTION: HeartWare's decision to abandon its acquisition of Valtech was correct in light of the problems that the company is facing with its next generation MVAD pump, Leerink analyst Danielle Antalffy wrote in a note to investors today. Noting that two weeks ago HeartWare announced that it would investigate suction issues that the device has had, the analyst says that fixing the pump could require additional investment, while it's uncertain how long it will take to solve the device's problems. However, the analyst remained upbeat on Heartware's current LVAD products, and believes that it can compete with next generation systems. She kept a $60 price target and Outperform rating on the shares. Raymond James upgraded HeartWare to Outperform from Market Perform, saying that the termination of the Valtech deal removes an overhang on the shares, while the stock's underperformance since September has made its valuation more attractive. Moreover, the stock does not appear to be giving any value to the problematic MVAD pump and the company has a 37% share of a $760M market that has only two main competitors and high barriers to entry, the firm wrote. WHAT'S NOTABLE: In early October 2015, activist investor Engaged Capital urged HeartWare to terminate the Valtech deal. Today HeartWare announced that it would, in conjunction with Engaged Capital, "jointly select" an independent party who will join Heartware's board. ANOTHER TO WATCH: HeartWare's chief rival, Thoratec, was acquired last year by St. Jude Medical (STJ). PRICE ACTION: In late morning trading, HeartWare rose 10% to $37.95. St. Jude, which reported its fourth quarter results and gave fiscal year guidance this morning, is down 1.4% to $53.56.
09:50 EDTHTWRHeartWare upgraded to Outperform from Market Perform at Raymond James
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09:38 EDTHTWRHeartWare likely to trade 'sharply higher' on deal termination, says Leerink
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06:14 EDTHTWRHeartWare announces cooperation agreement with Engaged Capital
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06:13 EDTHTWRHeartWare, Valtech Cardio announce termination of proposed acquisition
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