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Heartware International Inc. Message Board

  • cjgaddy cjgaddy Nov 21, 2012 7:41 AM Flag

    11-21-12 Wells Fargo Downgrades Heartware Post FDA Approval

    11-21-12: ”Wells Fargo Downgrades Heartware (HTWR) to Market Perform Post FDA Approval”
    Wells Fargo downgraded Heartware Int'l (NASDAQ: HTWR) from Outperform to Market Perform and lowers its valuation range from $97-99 to $88-89 after the FDA approved HVAD pump for use in bridge-to-transplant.
    The firm cited:
    (1) We think the Street has not modeled the HTWR launch precisely enough and, as a result, we are below 2013 consensus revenue already and expect consensus will come down
    (2) The new stroke data may dampen the HVAD roll-out in the U.S.
    (3) The risk to the HTWR ENDURANCE DT trial failing, or being positive, but having a problematically high stroke rate, is now increased given the interim data in the IFU, in our view."

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