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STJ

Acquired by ABT

$78.82

-2.46 (-3.03%)

, ABT

Abbott

$42.10

-1.4 (-3.22%)

09:57
10/11/16
10/11
09:57
10/11/16
09:57

St. Jude drops after warning defibrillator patients about battery risks

Shares of St. Jude Medical (STJ) slipped in morning trading after the medical device maker warned about premature battery depletion of some of its defibrillators, an issue which has been linked to two deaths. ST. JUDE WARNING: St. Jude Medical warned in a statement this morning that some of its implanted heart devices were at risk of premature battery depletion, a condition it said had been linked to two deaths. In an "Important Medical Device Advisory" posted to its website, St. Jude stated that "On October 11, we issued a field advisory related to premature battery depletion associated with lithium deposits in a subset of our ICD and CRT-D devices manufactured before May 23, 2015. While it is a rare occurrence - 0.21%- we want to ensure we are providing the information physicians need to best care for their patients." St. Jude said it has consulted with its medical advisory board, as well as other experts and regulatory agencies worldwide on the matter. Two people died after their devices failed to work correctly because of the drained battery, while 47 others reported dizziness or fainting. WHAT'S NOTABLE: The warning from St. Jude Medical, which is in the process of being acquired by Abbott Laboratories (ABT) for $25B, comes as the device maker looks to defend unrelated allegations from Muddy Waters and MedSec Holdings that its heart devices have defects that make them vulnerable to cyber attacks. Despite today's news, a spokesperson for Abbott told Reuters and Bloomberg that the drugmaker still expects to close the St. Jude deal by the end of the year. FDA RECOMMENDS CONTINUED MONITORING: In its own statement, the Food and Drug Administration said this morning that its investigation into the cyber security vulnerabilities of St. Jude devices, including the [email protected] monitoring system, continues. "Despite the allegations, at this time, the FDA strongly recommends that the [email protected] device be used to monitor the battery for these affected devices because the benefits of continued patient monitoring and the life-saving therapy these devices provide greatly outweighs any potential cybersecurity vulnerabilities," the FDA said. ANALYST SAYS ADVISORY 'COMMON' IN CRM INDUSTRY: In early September, Jefferies analyst Raj Denhoy told investors in a note that after meeting with a MedSec medical advisor, he believed that "more is still to come" in St. Jude's saga related to the safety of its pacemakers and defibrillators as additional data is expected from the cybersecurity start-up and its partner, short-selling research firm Muddy Waters. At the time, Denhoy said that Hemal Nayak, a medical advisor on the board of MedSec, was confident in the findings that St. Jude Medical's devices are "inherently less secure" than other companies' and that they are vulnerable across the entire communication ecosystem. In a note to clients this morning, Cowen analyst Joshua Jennings said that "Dear Doctor" letters are never positive, but St. Jude's advisory is common in the Cardiac Rhythm Management industry and sees limited risk to the company's franchise. Additionally, Jennings, who kept an Outperform rating on St. Jude with an $85 price target, still believes the Abbott takeover will close by the end of the year. PRICE ACTION: Shares of St. Jude Medical are down 2.7% to $79.10 in morning trading, while Abbott has fallen 3.5% to $41.98 per share.

STJ

Acquired by ABT

$78.82

-2.46 (-3.03%)

ABT

Abbott

$42.10

-1.4 (-3.22%)

  • 19

    Oct

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    Oct

  • 26

    Oct

  • 06

    Nov

STJ Acquired by ABT
$78.82

-2.46 (-3.03%)

10/11/16
COWN
10/11/16
NO CHANGE
Target $85
COWN
Outperform
Cowen says St. Jude advisory common for the industry
While Dear Doctor letters are never a positive, St. Jude Medical's (STJ) medical device advisory relating to a low rate of premature battery depletion in the high voltage portfolio is common in the Cardiac Rhythm Management industry, Cowen analyst Joshua Jennings tells investors in a research note. The analyst sees limited risk to St. Jude's franchise and still expects the takeover by Abbott Laboratories' (ABT) to close by the end of the year. Jennings keeps an Outperform rating on St. Jude shares with an $85 price target. The stock is down 1% to $80.19 in pre-market trading.
09/19/16
JEFF
09/19/16
NO CHANGE
Target $48
JEFF
Buy
Abbott unit sale does not impact Alere transaction, says Jefferies
Jefferies analyst Jeffrey Holford believes Abbott's (ABT) sale of its Medical Optics business to Johnson & Johnson (JNJ) does not imply an increased probability that the Alere (ALR) deal will close. After speaking to Abbott management, Holford thinks the proceeds from the sale are more likely to be targeted towards the St. Jude Medical (STJ) acquisition. He believes that deal has a higher probability of closing than Alere. Holford has a Buy rating on Abbott with a $48 price target.
09/08/16
PIPR
09/08/16
NO CHANGE
Target $82
PIPR
Neutral
Piper sees little reason to believe St. Jude deal will not close
Piper Jaffray analyst Brooks West says cybersecurity expert Mark Lanterman during a conference call yesterday refuted security claims by MedSec and Muddy Waters against St. Jude Medical's (STJ) pacemakers, defibrillators and Merlin monitoring system. Lanterman stated that there is "not much meat on the bone" to the MedSec claims and the quality of the analysis, West tells investors in a research note. He notes that Abbott (ABT) yesterday at a competitor conference earlier stated the St. Jude acquisition was progressing toward a close before year-end. The analyst sees little reason to believe the transaction will not close in the planned timeframe. West reiterates a Neutral rating on St. Jude.
08/29/16
FBCO
08/29/16
NO CHANGE
FBCO
St. Jude Medical can fix security deficiencies, says Credit Suisse
After speaking with "a developer of software used in drugs/devices" about Muddy Waters' security concerns regarding St. Jude's CRM system, Credit Suisse analyst Matthew Keeler says the consultant believes that the security deficiencies,can be fixed. According to the consultant, the deficiencies can be fixed using a five to ten person team working for about three months, Keeler stated. Keeler does not think that St. Jude's pending acquisition by Abbott (ABT) will be impacted by Muddy Waters' report. He keeps an $81 price target and Neutral rating on St. Jude.
ABT Abbott
$42.10

-1.4 (-3.22%)

09/29/16
BARD
09/29/16
NO CHANGE
BARD
Dexcom, Insulet could be weighed down by competitive concerns, says Baird
Baird analyst Jeff Johnson said that while the FDA approvals announced yesterday for Abbott's (ABT) FreeStyle Libre Pro and Medtronic's (MDT) 670G were largely anticipated, he believes that both approvals came sooner than most expected, as did news that Abbott also recently filed for FDA approval of its consumer Libre system. The approvals could "change the narrative" in diabetes and could weigh on others in the sector in the near-term, most notably Dexcom (DXCM) and Insulet (PODD), Johnson tells investors. He keeps Neutral ratings on both and maintains an Overweight rating on Tandem Diabetes (TNDM), citing valuation for the difference.
09/29/16
ADAM
09/29/16
NO CHANGE
Target $53
ADAM
Buy
Alere risk-reward looks 'quite good' as deal debate nears end, says Canaccord
Canaccord analyst Mark Massaro said he is optimistic that a conclusion of Abbott (ABT) and Alere's (ALR) merger fight is "not far off" and he still believes Abbott will ultimately acquire Alere, though he also thinks the merger may be decided by a judge. Massaro puts a 65% probability on the likelihood the deal closes at the $56 deal price, a 30% chance that Abbott buys Alere at a lower price nearer to $50 per share, and only a 5% chance the deal breaks, making the risk-reward ratio in Alere shares at current levels "quite good," he tells investors. He trimmed his price target on Alere to $53 from $56 an keeps a Buy rating on the stock.
09/29/16
COWN
09/29/16
NO CHANGE
COWN
Outperform
Cowen says views on Dexcom, Insulet not changed by competitor launches
Cowen analyst Doug Schenkel noted that Abbott (ABT) announced yesterday it had received FDA approval for the professional version of its FreeStyle Libre glucose monitoring product and filed the consumer version of Libre, while Medtronic (MDT) also announced FDA approval of its 670G Hybrid Closed Loop system. Schenkel said Abbott's consumer Libre filing comes a few months ahead of his expectations but that Medtronic's timing was in-line with expectations. The analyst said the competitor announcements, which had been expected, do not change his views on DexCom (DXCM), Insulet (PODD), or Tandem Diabetes (TNDM) and he keeps Outperform ratings on all three of those stocks.

TODAY'S FREE FLY STORIES

OMF

OneMain Holdings

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-1.26 (-5.12%)

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CHFC

Chemical Financial

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BofI Holding

$24.76

0.52 (2.15%)

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B

Barnes Group

$55.35

2.1 (3.94%)

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ADI

Analog Devices

$77.85

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MDXG

MiMedx

$11.40

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GST

Gastar Exploration

$1.31

0.01 (0.77%)

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CLVS

Clovis

$58.21

-0.43 (-0.73%)

15:26
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$NSD

NASDAQ Market Internals

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FIG

Fortress

$8.04

0.005 (0.06%)

, SFTBF

SoftBank

$75.60

0.71 (0.95%)

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Periodicals
Fortress exploring sale of Logan Circle bond fund unit, Reuters says »

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FIG

Fortress

$8.04

0.005 (0.06%)

SFTBF

SoftBank

$75.60

0.71 (0.95%)

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$NYE

NYSE Market Internals

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NYSE market internals summary »

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CAG

Conagra Brands

$38.82

0.005 (0.01%)

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CAH

Cardinal Health

$72.36

-0.78 (-1.07%)

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FIG

Fortress

$8.04

0.01 (0.12%)

15:04
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Periodicals
Breaking Periodicals news story on Fortress »

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S

Sprint

$9.06

0.03 (0.33%)

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Sprint calls active ahead of earnings next week »

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GME

GameStop

$22.80

-0.3 (-1.30%)

14:56
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BSX

Boston Scientific

$26.43

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TKPYY

Takeda Pharmaceutical Co. Ltd.

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PGR

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CVO

Cenveo

$4.39

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BMY

Bristol-Myers

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TAP

Molson Coors

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IWM

iShares Trust Russell 2000 Index Fund

$139.37

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, RUT

Russell 2000 Index

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TSLA

Tesla

$308.63

-1.54 (-0.50%)

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