Shares of St. Jude Medical Inc. (NYSE:STJ) hit a 52-week high in mid-day trading on Wall Street on Tuesday, with investors basking in the glow of a bullish recommendation from a JP Morgan analyst on the company’s new Quadra implantable defibrillator system.
In a note to investors, Michael Weinstein, a J.P. Morgan analyst, called the device “the most important new product” in implantable defibrillators in the last nine years.
“Within three years, they’re likely to become the standard of care, owing to the ability to improve both the safety and efficacy of [cardiac resynchronization therapy defibrillator] implantation,” Weinstein wrote, citing a survey the brokerage firm conducted which found that 82 percent of electro-physiologists expect St. Jude to gobble up market share from rivals Boston Scientific Corp. (NYSE:BSX) and Medtronic Inc. (NYSE:MDT).
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MassDevice Staff Website The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
Shares of St. Jude hit $51.93 in mid-day trading before falling back slightly.
St. Jude launched the Quadra platform ICD in the European Union in May of 2010.
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A Deep-dive Into Specialty Pharma
A specialty drug is a class of prescription medications used to treat complex, chronic or rare medical conditions. Although this classification was originally intended to define the treatment of rare, also termed “orphan” diseases, affecting fewer than 200,000 people in the US, more recently, specialty drugs have emerged as the cornerstone of treatment for chronic and complex diseases such as cancer, autoimmune conditions, diabetes, hepatitis C, and HIV/AIDS.
The Massachusetts Medical Devices Journal is the online journal of the medical devices industry in the Commonwealth and New England, providing day-to-day coverage of the devices that save lives, the people behind them, and the burgeoning trends and developments within the industry.
