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Abbott FDA documents in-line with expectations, says Wells Fargo

Wells Fargo says the FDA briefing documents for Abbott's MitraClip were in-line with its expectations. The FDA panel did not recommend approval at this time, saying it does not believe the safety and effectiveness of the device has been established in the patient population. Wells believes Street expectations for the MitraClip FDA panel were already low, and does not expect a negative outcome at the March 20 meeting to adversely affect Abbott shares. The firm keeps an Outperform rating on the stock.