Morgan Keegan Updates On COV Clinical Trials (COV)
March 15, 2011 7:36 AM
Morgan Keegan issued a report updating the progress of Covidien PLC's (NYSE: PLC) clinical trials for Solitaire FR Flow Restorations revascularization device and for the Pipeline Embolization Device.
According to the report, "Yesterday, Covidien filed an 8-K with an update on the clinical trial for the company's Solitaire FR Flow Restoration revascularization device. Specifically, Covidien indicated that after a review by the Data Safety Monitoring Board (DSMB), the clinical trial would be stopped prior to the completion of the targeted patient enrollment and the data would be provided to the FDA. Although details were limited, Covidien indicated that it expects to move forward with a filing of a 510(k) for marketing clearance. We interpret this news as a likely positive for the product's future. Separately, we remind investors that the Pipeline Embolization Device (PED) will be in front of an FDA advisory committee on Friday March 18.
Covidien PLC closed yesterday at $52.00 per share. Covidien remains at an Outperform Rating and a $57.00 PT.
