Abiomed shares slide despite Impella CP trial success

Abiomed (NSDQ:ABMD) shares fell approximately 13.1% yesterday despite the company announcing positive results from a pilot trial of its Impella CP heart pump that will clear the way for a pivotal that could nearly double the device’s total addressable market. The company announced on Sunday that a pilot study of its Impella CP, used to unload the left ventricle for patients presenting with anterior ST-segment elevation myocardial infarction without cardiogenic shock met its primary endpoints and that it plans to launch a pivotal trial during the second half of next year. Leerink Partner analyst Danielle Antalffy said that they expected that results from the trial might end up having a positive effect on the company’s shares, according to a letter to investors. “While [Abiomed] shares have run in the last few days – +25% off recent lows – we do think investors will likely focus on these encouraging trends in infarct size, and shares could move moderately higher on this data,” Antalffy wrote in a letter on Sunday. Abiomed saw its shares drop approximately 13.1% on Monday, opening at $388.99 and closing at $337.86. The drop was reportedly due to the high expectations of the company’s investors, according to another letter to investors from Antalffy released today. “Despite the pilot trial’s success, [Abiomed] shares sold off yesterday, likely caused by: (1) Elevated investor expectations for more definitive positive trends favoring the ...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News Cardiac Assist Devices Cardiovascular Catheters Featured Wall Street Beat Abiomed Source Type: news