Abiomed (ABMD) Falls on Impella Reimbursement Concerns; Stock Down -1.26(5.61%) @ 11:32AM EDT
5/23/2012 9:40:34 AM
Shares in medical device maker Abiomed Inc (ABMD.O) could remain under pressure due to concerns about any possible reimbursement issue with its Impella heart pump, said brokerage Lazard Capital Markets, and downgraded the stock to "neutral" from "buy." Abiomed shares fell as much as 7 percent to $22.70 early Tuesday on the Nasdaq. They later recouped some losses to trade down at $22.90. Although the company said it is not in knowledge of any reconsideration by the U.S. Centers for Medicare & Medicaid Services on reimbursement of the Impella device, risks of the same persist, Lazard analyst Sean Lavin wrote in the note.
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