FDA Voices Concern Over St. Jude (STJ) Durata Lead Testing; Shares Fall
Tweet
Share
E-mailGet Alerts STJ Hot Sheet
Join SI Premium – FREE
St. Jude (NYSE: STJ) is getting hit Wednesday following criticism from the FDA over the company's Durata defibrillator leads.
The FDA said that St. Jude failed to follow proper inspection procedures at its Irvine, California-based facility. The FDA inspection was date from September 25th through October 17th.
This morning, Wells Fargo downgraded the stock to Market Perform from Outperform. The firm said, in part, "We think the issues raised in the FDA 483 inspection letter are likely to heighten physicians' concerns about Durata because the letter highlights flaws in the design verification and validation methods for the lead."
Shares of St. Jude are over 14 percent lower on heavy volume.
The FDA said that St. Jude failed to follow proper inspection procedures at its Irvine, California-based facility. The FDA inspection was date from September 25th through October 17th.
This morning, Wells Fargo downgraded the stock to Market Perform from Outperform. The firm said, in part, "We think the issues raised in the FDA 483 inspection letter are likely to heighten physicians' concerns about Durata because the letter highlights flaws in the design verification and validation methods for the lead."
Shares of St. Jude are over 14 percent lower on heavy volume.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Wells Fargo Upgrades Neurocrine Bio. (NBIX) to Overweight 'as the Company is Knocking on the Doors of the Large-Cap Club'
- Mister Car Wash Inc. (MCW) PT Lowered to $10 at Wells Fargo
- Rubrik IPO: 5 key things to know
Create E-mail Alert Related Categories
FDA, Insiders' BlogRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
