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Fly News Breaks for February 12, 2020
UNH, MDT, TNDM
Feb 12, 2020 | 12:11 EDT
The FDA is issuing a Class I recall of Medtronic's (MDT) 670G and 630G insulin pumps, which is not old news, Craig-Hallum analyst Alexander Nowak tells investors in a research note. Moving from a patient safety notification to a Class I recall is new news, and further adds to the challenges at Medtronic Diabetes, says the analyst. He also believes the recall likely adds further scrutiny against Medtronic's next-generation pump, 780G. The recall also creates more fuel to force UnitedHealth (UNH) to add Tandem Diabetes (TNDM) back in-network, contends Nowak. The analyst, who believes there is confusion as to whether this recall is new, says "it is and clearly signals" the FDA was not comfortable with just a Medtronic patient notification. While this is going on, recent social media and diabetes influencer checks indicate Tandem's customer service strain from Control-IQ's launch has improved, adds Nowak. He reiterates a Buy rating on Tandem Diabetes with a $92 price target. The stock in midday trading is up 2% to $80.10 while Medtronic is down 2% to $116.97.
News For TNDM;MDT;UNH From the Last 2 Days
UNH
Oct 19, 2020 | 09:59 EDT
Check out today's top analyst calls from around Wall Street, compiled by The Fly. PRESSURE AHEAD: Argus... To see the rest of the story go to thefly.com. See Story Here
UNH
Oct 19, 2020 | 09:52 EDT
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. UnitedHealth (UNH) downgraded to Hold from Buy at Argus with analyst David Toung saying the company is set to face pressure from the rising medical utilization and higher costs for COVID-19 treatments, vaccines and testing. 2. Las Vegas Sands (LVS) and Wynn Resorts (WYNN) both downgraded to Hold from Buy at Union Gaming. 3. Concho Resources (CXO) downgraded to Equal Weight from Overweight at Wells Fargo with analyst Nitin Kumar saying that updating his M&A Evaluation Model for the announced deal terms and anticipated synergies, Kumar estimates the deal is about 50% accretive to ConocoPhillips (COP) consensus 2021-2023 free cash flow per share. 4. Mednax (MD) downgraded to Sell from Hold at Deutsche Bank with analyst Pito Chickering saying he is "constructive" on Mednax's ongoing strategic transformation but believes elements out of its control will pressure its organic growth targets and constrain its ability to generate operating leverage for targeted margin expansion. 5. Clear Channel Outdoor (CCO) downgraded to Underweight from Neutral at JPMorgan with analyst Alexia Quadrani saying while the stock has underperformed year-to-date, the analyst does not expect recent trends to substantially improve. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
UNH
Oct 19, 2020 | 07:39 EDT
Argus analyst David Toung downgraded UnitedHealth to Hold from Buy.
MDT
Oct 18, 2020 | 16:20 EDT
Medtronic announced results from the IN.PACT BTK study, a feasibility study assessing the safety and effectiveness of the IN.PACT 0.014 drug-coated balloon in critical limb ischemia subjects with chronic total occlusion in the infrapopliteal arteries. The data were presented in the Late-Breaking Clinical Trial Sessions at TCT Connect, the 32nd annual scientific symposium of the Cardiovascular Research Foundation.The effectiveness endpoint evaluated nine-month late lumen loss, an angiographic measurement comparing the post-procedure lumen diameter with the lumen diameter at nine months, specifically sub-segmental late lumen loss, or lumen loss assessed along the entirety of the lesion; and classic late lumen loss, or lumen loss measured at the single narrowest segment of the artery. The safety endpoint evaluated a composite of freedom from device- and procedure-related mortality within 30 days, freedom from major target limb amputation within nine months, and freedom from clinically driven target limb revascularization within nine months post-index procedure. At nine months, subjects in the DCB group experienced a reduction in sub-segmental late lumen loss compared to those in the PTA control group, a 53% lower late lumen loss than the PTA control group. Using the classic late lumen loss method, subjects in the DCB group experienced lower late lumen loss compared to those in the PTA control group at nine months, a 32% lower late lumen loss than the PTA control group. There was no statistical difference in the safety composite endpoint within nine months between the DCB group and PTA control group. The IN.PACT 0.014 DCB is an investigational device that is being evaluated in Europe. This device is not currently being evaluated in the United States.