St. Jude Medical saw its stock rally Tueday on the news that J.P. Morgan's Michael Weinstein called the company's Quadra device "the most important new product" in implantable defibrillators in the last nine years, MarketWatch reports. Indeed, the company hit a new 52-week high as it traded at $50.61 compared with its previous high of $50.36, TheStreet.com notes.
"In 2011, St. Jude will launch what we believe is the most important new product in ICDs since 2002," Weinstein said in the note, as quoted by SmartTrend. As a result, St. Jude should see "significant" gains in market share, he added.
U.S. approval and a commercial launch for the Quadra are expected in the middle of the year, according to Eric Fain, president of St. Jude's cardiac rhythm management business, the Minneapolis Star Tribune reports.
St. Jude's rally came as the company celebrated the grand opening of its Advanced Technology Center Asia Pacific in Beijing. St. Jude says the Advanced Technology Center demonstrates its commitment to China and the broader Asia Pacific region by adding a key center for education and learning. It also offers a virtual reality experience that allows physicians to simulate different procedures and develop clinical skills in a controlled environment.
"St. Jude Medical values our relationship and business with China, and believes that our Advanced Technology Center is an important part of a long and prosperous relationship working with physicians throughout China and the entire Asia Pacific region to improve the health, welfare and quality of life of the people there," St. Jude Medical Vice President of Asia Pacific Sang Yi says in a statement.
St. Jude isn't the only medical device giant to officially open facilities in Asia recently. Medtronic just inaugurated its new Chinese headquarters in Shanghai, as well as its manufacturing facility, Medtronic Singapore Operations.