Auriga Maintains a 'Hold' on Thoratec (THOR); Recall Headlines Are Old News
Tweet
Share
E-mailGet Alerts THOR Hot Sheet
Price: $26.43 +0.38%
Rating Summary:
8 Buy, 16 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
8 Buy, 16 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Auriga maintains a 'Hold' on Thoratec (NASDAQ: THOR).
Auriga analyst said, "Thoratec shares were under pressure (Intraday, yesterday) due the circulation of a headline related to a Class I FDA recall. We note that the recall is old news and does not involve a physical recall, rather is an update to the device labeling related to the use of the sealed grafts. THOR first communicated the events to clinicians back in February, and the FDA posted the information to their website on March 19 (). This afternoon, the recall was picked up on a different section of the FDA's website related to medical device recalls, which was in turn picked up by several news sources (). Overall, this posting does not include any new news about the recall. THOR instituted a voluntary worldwide correction notification related to THOR's Heartmate II (HM II) back in February. Specifically, the corrective action was based on reports that the sealed outflow graft bend relief valve (introduced about two years ago) was not being properly attached to the HM II. The reported incidence rate was 0.91% (29/3,200), of which 24 of the implants were observed via x-rays or during surgical procedures. Of the five events that possibly required surgical intervention, four out of the five patients remained on VAD support and one patient died of multi-organ failure (but it is not clear if the death was related to the disconnected outflow graft)."
For an analyst ratings summary and ratings history on Thoratec click here. For more ratings news on Thoratec click here.
Shares of Thoratec closed at $32.83 yesterday.
Auriga analyst said, "Thoratec shares were under pressure (Intraday, yesterday) due the circulation of a headline related to a Class I FDA recall. We note that the recall is old news and does not involve a physical recall, rather is an update to the device labeling related to the use of the sealed grafts. THOR first communicated the events to clinicians back in February, and the FDA posted the information to their website on March 19 (). This afternoon, the recall was picked up on a different section of the FDA's website related to medical device recalls, which was in turn picked up by several news sources (). Overall, this posting does not include any new news about the recall. THOR instituted a voluntary worldwide correction notification related to THOR's Heartmate II (HM II) back in February. Specifically, the corrective action was based on reports that the sealed outflow graft bend relief valve (introduced about two years ago) was not being properly attached to the HM II. The reported incidence rate was 0.91% (29/3,200), of which 24 of the implants were observed via x-rays or during surgical procedures. Of the five events that possibly required surgical intervention, four out of the five patients remained on VAD support and one patient died of multi-organ failure (but it is not clear if the death was related to the disconnected outflow graft)."
For an analyst ratings summary and ratings history on Thoratec click here. For more ratings news on Thoratec click here.
Shares of Thoratec closed at $32.83 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- McGraw Hill (MH) PT Raised to $15 at UBS
- Powell Industries (POWL) PT Lowered to $235 at Cantor Fitzgerald
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
AurigaSign 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!
