Leerink Swann Defends Boston Scientific (BSX); Minor ICD Component Issue
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Price: $42.63 -4.52%
Rating Summary:
34 Buy, 8 Hold, 0 Sell
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Today's Overall Ratings:
Up: 13 | Down: 22 | New: 15
Rating Summary:
34 Buy, 8 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 22 | New: 15
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Leerink Swann defends Boston Scientific (NYSE: BSX) this morning, maintaining an 'Outperform' rating and price target of $8.00.
Analyst, Rick Wise. said, "An April 2012 product advisory update to Boston Scientific’s PPR (Product Performance Report) public website highlights---what seems to us---a relatively minor product performance issue with the Cognis/Teligen family of ICDs. Specifically, in 26 out of 233,000 Cognis/Teligen ICD units implanted “an electrical component referred to as a ‘transformer’ has exhibited an identifiable pattern of malfunction…”. While the event rate is extremely low, the report notes that there have been four patients who felt a “sudden heating sensation at the implant site” and there has been one patient death.”"
Wise, defends the company, saying Cognis/Teligen is still very reliable, with the event rate being extremely low. Wise also feels the company is a turnaround story (which may take some time), but has the new/right management in place.
Note - shares dropped about 1.5% on the news around 9:50AM EST.
For an analyst ratings summary and ratings history on Boston Scientific click here. For more ratings news on Boston Scientific click here.
Shares of Boston Scientific closed at $5.94 yesterday.
Analyst, Rick Wise. said, "An April 2012 product advisory update to Boston Scientific’s PPR (Product Performance Report) public website highlights---what seems to us---a relatively minor product performance issue with the Cognis/Teligen family of ICDs. Specifically, in 26 out of 233,000 Cognis/Teligen ICD units implanted “an electrical component referred to as a ‘transformer’ has exhibited an identifiable pattern of malfunction…”. While the event rate is extremely low, the report notes that there have been four patients who felt a “sudden heating sensation at the implant site” and there has been one patient death.”"
Wise, defends the company, saying Cognis/Teligen is still very reliable, with the event rate being extremely low. Wise also feels the company is a turnaround story (which may take some time), but has the new/right management in place.
Note - shares dropped about 1.5% on the news around 9:50AM EST.
For an analyst ratings summary and ratings history on Boston Scientific click here. For more ratings news on Boston Scientific click here.
Shares of Boston Scientific closed at $5.94 yesterday.
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