Skip to main content

Market Overview

Intersect ENT Rips Higher On Medtronic M&A Rumor

Intersect ENT Rips Higher On Medtronic M&A Rumor

Shares of Intersect ENT Inc (NASDAQ: XENT), a manufacturer of sinus implants for delivering targeted therapy to the ear, nose and throat, are skyrocketing to their best level since mid-March following a buyout rumor.

What Happened: Large-cap medical device manufacturer Medtronic PLC (NYSE: MDT) has tabled an offer to buy Intersect ENT, Bloomberg reported, quoting people with the knowledge of the matter.

Intersect ENT's board is reportedly reviewing the offer with its advisers.

Menlo Park, California-based Intersect ENT reported a 26% decline in first-quarter revenue in mid-May, blaming the predicament on the impact of hospitals suspending elective surgical procedures and reduced ENT office visits tied to the COVID-19 pandemic.

Intersect ENT Not New To M&A Chatter: Ahead of the onset of the COVID-19 pandemic, there were rumors that the company was being pursued by suitors, including Medtronic.

"As we've written multiple times in the past, MDT has often been named as one of several companies for whom a XENT could make strategic sense." SVB Leerink analyst Richard Newitter said in a note, reacting to the recent M&A speculation.

Other potential suitors include Smith & Nephew plc (NYSE: SNN), Stryker Corporation (NYSE: SYK) and Johnson & Johnson (NYSE: JNJ), the analyst said.

XENT Price Action: At last check, Intersect ENT shares were rallying 28.08% to $17.79, while Medtronic was down 0.71% at $91.04.

Related Links:

Attention Biotech Investors: Mark Your Calendar For These July PDUFA Dates

The Week Ahead In Biotech: Endo, Eagle Pharma FDA Decisions, ObsEva Late-Stage Readouts In Focus

Latest Ratings for XENT

Mar 2021SVB LeerinkMaintainsMarket Perform
Jan 2021Canaccord GenuityUpgradesHoldBuy
Dec 2020SVB LeerinkMaintainsMarket Perform

View More Analyst Ratings for XENT
View the Latest Analyst Ratings


Related Articles (MDT + XENT)

View Comments and Join the Discussion!

Posted-In: Analyst Color Biotech M&A News Analyst Ratings Movers Media Trading Ideas Best of Benzinga

Latest Ratings

TDUPTelsey Advisory GroupInitiates Coverage On20.0
VZIOWells FargoInitiates Coverage On31.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at