Morgan Stanley Gives Color on Edwards Lifesciences After SAPIEN FDA Panel

Morgan Stanley has published a report on Edwards Lifesciences (NYSE: EW).

In the report, Morgan Stanley wrote, "The SAPIEN FDA panel was in line with the expectations we set forth heading into the meeting, but clearly the consensus debate narrowed rapidly and has pressured EW shares. In this note, we outline the key issues surrounding the stock and offer a series of scenarios to better understand whether recent share price volatility creates an opportunity. Heading into the panel, we laid out the issues on trajectory and market size in our piece It's Not About The Docs and feel post the panel that expectations have to a certain extent adjusted accordingly, albeit faster than we expected."

Morgan Stanley rated Edwards Lifesciences an Equal-weight with no price target. Edwards Lifesciences closed Friday at $77.91.