HeartWare International Inc (HTWR) Shares Plunge After Several News Updates are Released


Shares of HeartWare International Inc (NASDAQ:HTWR) are down big this morning after the company released several updates after the market closed yesterday.

First off, HeartWare International Inc (NASDAQ:HTWR) announced preliminary 2015 Q4 revenue numbers which saw the company generate $68 million in revenue for the year. They also provided several company updates.

The MVAD System has shown to have an “adverse event profile, including events that showed evidence of pump thrombus.” The company is working though to make progress and make improvements upon the system. If they make progress to the point where they can improve the design, a new trial would need to be initiated.

HeartWare International Inc (NASDAQ:HTWR) also announced the appointment of Stephen Oesterie, M.D. as a Board member, increasing their Board of Directors to nine directors.

The stock is down 29.41% or $12.01 following the news, hitting $28.83 per share. About 1.05M shares traded hands or 276.22% up from the average. HTWR has declined 46.53% since June 8, 2015 and is downtrending. It has underperformed the S&P500 by 39.05%.

From a total of 11 analysts covering Heartware International Inc (NASDAQ:HTWR) stock, 6 rate it a “Buy”, 0 a “Sell”, and 5 a “Hold”. This means that 55% of the ratings are positive. The highest target price is $110 while the lowest target price is $42. The mean of all analyst targets is $79.20 which is 174.71% above today’s ($28.83) stock price. Heartware International Inc was the topic of 25 analyst reports since July 29, 2015 according to the firm StockzIntelligence Inc. JP Morgan downgraded shares on January 12 to a “Neutral” rating. Oppenheimer maintained shares with a”Buy” rating and a $100 target share price in their report from a September 3. Piper Jaffray downgraded HTWR stock in a recent report from October 30 to a “Neutral” rating. BTIG Research maintained the rating on August 9. BTIG Research has a “Buy” rating and a $105 price target on shares. Finally, Northland Capital maintained the stock with a “Market Perform” rating in a report they issued on an October 13.

Heartware International, Inc. is a medical device company. The company has a market cap of $499.20 million. The Firm develops and makes miniaturized implantable heart pumps or ventricular assist devices for patients suffering from advanced heart failure. It currently has negative earnings. The HeartWare Ventricular Assist System , which includes a ventricular assist device (VAD) or blood pump, patient accessories and surgical tools, provides circulatory support for patients in the advanced stage of heart failure.