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Fly News Breaks for November 16, 2016
ELGX
Nov 16, 2016 | 10:08 EDT
JPMorgan analyst Michael Weinstein downgraded Endologix to Neutral from Overweight after the FDA asked for two-year follow-up data from the company's EVAS FORWARD IDE study of the first generation Nellix. This pushes out Nellix approval until Q2 of 2018 at the earliest, Weinstein tells investors in a research note. The "disappointing" news is likely the result of FDA concerns surrounding device migration, the analyst contends. He views the development as a "significant setback" for Endologix and cut his price target for the shares to $10 from $14.
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