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Fly News Breaks for October 13, 2015
HTWR
Oct 13, 2015 | 07:34 EDT
Piper Jaffray analyst Brooks West significantly cut his price target for HeartWare shares to $48 from $86 after the company said MVAD is unlikely to be back in clinic by November as it investigates the causes of reported adverse events in certain clinical trial patients. The stock is likely to re-rate on the MVAD news, West tells investors in a research note. He views the risk/reward at current share levels as favorable, however, saying the stock is trading below fair value even when assigning zero value to MVAD. West reiterates an Overweight rating on HeartWare. The manufacturer of miniaturized implantable heart pumps closed yesterday down $6.04 to $44.03. Yesterday's 12% decline was due to speculation of two MVAD pump thrombi within the 11 patients implanted to date in the CE Mark trial, West writes. HeartWare addressed the trial in a regulatory filing this morning.
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