Goldman Sachs Believes Sell-off in St. Jude Medical Shares is Unwarranted
Goldman Sachs has published a research report on St. Jude Medical (NYSE: STJ) after a recent sell-off in shares.
In the report, Goldman Sachs writes, "This afternoon, shares of St. Jude Medical traded lower (down 6.0% at 1:00PM vs. the S&P 500 up 0.5%) in response to a physician report that was posted to the FDA Maude database about an externalized conductor in one of the company's Durata implantable cardioverter defibrillator (ICD) leads. The report indicated that fluoroscopy of the lead revealed externalized conductors, which was later confirmed upon extraction of the lead. The externalized conductor occurred adjacent to the distal coil of the lead. The report was originally sent to the FDA (but not to St. Jude Medical) on April 17 and was received by the FDA on May 2."
Goldman Sachs maintains its Americas Buy List rating on St. Jude Medical, which is currently trading down $1.92 from yesterday's $38.54 closing price.
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