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Wright Medical risk/reward favorable ahead of FDA decision, says JPMorgan

JPMorgan continues to expect an FDA decision on Wright Medical's novel Augment bone graft substitute by late October. The firm sees the decision as a "toss-up," but views the risk/reward profile for Wright as positive and it expects the stock to continue to move higher as the decision date nears. The firm estimates the net present value of the Augment cash flows to Wright at $6.50-$7 per share. It has an Overweight rating on the stock with a $37 price target.