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Fly News Breaks for March 19, 2019
SIEN
Mar 19, 2019 | 18:51 EDT
Wells Fargo analyst David Maris kept his Market Perform rating and $9 price target on Sientra after the company disclosed an FDA warning letter for failure to comply with the post-approval study requirements for its silicone gel breast implants. The analyst notes that he spoke with the management, and they believe that the FDA is targeting a patient follow-up rate of 65% at the end of 10 years after the study vs. the company's current 61% at year 3. Maris adds that given about 5K patients in the study with $100-$200 implied cost per patient, the required incremental cost to address FDA concerns is "negligible" relative to the company's current operating expenses.
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