Shares of Irvine heart valve maker based Edwards Lifesciences Corp. rose Tuesday on optimistic expectations for a clinical trial of its less-invasive heart valve and an analyst’s bullish comments.
Edwards’ stock closed up 9% to a market value of $6.7 billion.
Analyst David Lewis of Morgan Stanley said in a research note that he was increasingly positive about the prospects for Edwards’ clinical trial for the Sapien less-invasive replacement heart valve expected Thursday.
Edwards is due to present results of its clinical trial for Sapien at the Transcatheter Cardiovascular Therapeutics scientific meeting in Washington, D.C.
Lewis said that his review of clinical data on Sapien patient outcomes “imply a meaningfully positive impact on mortality with Sapien relative to outcomes in patients that are medically challenged.”
Sapien, which is inserted via a catheter, and similar devices are seen as the biggest advance in heart valves in years and could open up the market to millions who aren’t candidates for major surgery.
Edwards has said that Food and Drug Administration approval for Sapien could come sometime around early 2012. Sapien is sold in Europe and accounted for $53.2 million in sales during the second quarter.
Edwards’ shares are up some 35% since the beginning of the year, largely on expectations for Sapien. The shares saw a 2-for-1 split in May.
