Piper Jaffray Reports Solid Efficacy On Medtronic

According to Piper Jaffray, Medtronic's (NYSE: MDT) Resolute results show solid efficacy in a pivotal study.

Piper Jaffray reported that results from Medtronic's U.S. pivotal trial evaluating the safety and efficacy of the Resolute drug eluting stent were presented this morning at the American College of Cardiology meeting. “The study consists of the main cohort of patients along with several sub-studies. The results presented today at the ACC showed that Resolute achieved its primary endpoint of non-inferiority. The study is part of the company's PMA application on Resolute which was filed last week. Based on expected regulatory timeframes, we could see U.S. FDA approval on Resolute during H1:C12, which could translate into incremental share gains in the domestic DES market next year. We maintain our OW rating on Medtronic with a price target of $44.”

Medtronic closed yesterday at $39.50.