heartware target raised to $100 from $80

HeartWare target raised to $100 from $80 at Wedbush

Wedbush is keeping their Outperform rating on Heartware International (NASDAQ: HTWR) as the company announced this morning that it has filled a PMA for approval of the HVAD in Brindge-to-Transplant. The firm reports that they expect the HVAD to receive US approval in BTT in Q4:11 and that this could prove to be conservative if the FDA does not call for an advisory panel. Wedbush stated that, "HeartWare enjoyed a very successful 2010 as the company?s HVAD device quickly became viewed as the favorite LVAD among surgeons and investors alike. The company then validated this perspective by releasing overwhelmingly positive data from its pivotal US trial in Bridge-to-Transplant in November." As a result of the company's recent news the firm is raising their price target on the company to $100 from $80.

The firm feels that with the numerous amount of positive data from the US ADVANCE trial in BTT, it will make it very difficult for the large medical device companies to ignore HTWR. The company should have their next-generation device, MVAD, in humans for trails in Q4:11. They are not positive on whether Thoratec's (NASDAQ: THOR) HeartMate III will gain much of the market share from HTWR as the details on it are expected to be released in its Q4 in late January or early February