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Market Report -- Short Stories (HTWR)
October 12, 2009 9:25 AM ET
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HeartWare International Inc (HTWR) Stock Quote, Chart, News, Add to Watchlist

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HeartWare tgt raised to $40 at Wedbush as enthusiasm continues to build for HVAD . Wedbush Morgan raises their HTWR tgt to $40 from $32. The firm notes that the ADVANCE trial of the HVAD in Bridge-to-Transplant is nearly half-way enrolled, with the firm's expectation that the trial will complete enrollment around April of 2010. Anecdotally, the preliminary results are reported to be at least as positive of those from the international BTT trial, and the three surgeons involved in the US trial whom the firm has spoken with all speak very highly of the device and particularly its unparalleled ease of implantation. Indeed, in light of its ease of implantation, the firm continues to predict that the HVAD will become the most popular LVAD upon approval, provided that future data sets continue to show that it is not inferior to Thoratec's (THOR) HeartMate II, and no unexpected design flaws or complications are encountered. The firm's tgt increase is based upon the firm's expectation for a more rapid uptake in HVAD sales than earlier anticipated, the extraordinarily enthusiastic response that it has been met with from surgeons they have spoken with, and the lack of near-term financing risk.

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