Deutsche Bank Cuts Price Target on Edwards Lifesciences (EW); Uncertainty on Reimbursement and Market Conditions

Deutsche Bank maintains a 'Hold' on Edwards Lifesciences (NYSE: EW) price target cut from $85 to $75.

Deutsche analyst said, "Yesterday CMS posted a National Coverage Analysis request by STS and ACC for transcatheter aortic valves. We expect approval of EW's SAPIEN valve any day now for inoperable patients. A pathway for Medicare reimbursement is already in place today, but we believe the National Coverage Determination initiation is a net negative in the near-term for the stock as it adds uncertainty...The NCD request does not come as a surprise to us, but we believe it may to the market in some respects. We believe NCD request is earlier than the market may have expected and raises concerns on the reimbursement front thus the product’s commercial uptake. It is likely to be an overhang for the stock through mid next year."

Shares are currently trading down about 8% this morning

For more ratings news on Edwards Lifesciences click here and for the rating history of Edwards Lifesciences click here.

Shares of Edwards Lifesciences closed at $75.87 yesterday.

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