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Fly News Breaks for May 17, 2017
GMED
May 17, 2017 | 18:51 EDT
In a research note titled "Regulatory Filing Delayed; Here Comes the Classic Med Tech Over-reaction...," Piper Jaffray analyst Matt O'Brien recommends using the pullback in shares of Globus Medical as an opportunity to build positions in the name. Globus in after-hours trading is down 10%, or $3.24, to $28.00 after disclosing that the FDA informed the company it had not sufficiently addressed questions on its new robotic system. After speaking with management, O'Brien views the development as more of a timing issue in terms of when, and not if, Globus will obtain approval. He believes not much has changed with the story and keeps an Overweight rating on the name.
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