Shares of Irvine heart valve maker Edwards Lifesciences Corp. were up more than 13% at the close of New York trading after it received a pair of analyst upgrades and improved its financial guidance.
Edwards has a market value of $3 billion.
Citigroup analyst Amit Bhalla upgraded Edwards from “sell” to “hold.” Bhalla cited a positive launch for Edwards’ less-invasive Sapien valve in Europe, as well as its boosted profit guidance.
Edwards said Tuesday it expects full-year profits of $138.9 million to $143.4 million, up from previous guidance of $131.6 million to $136.1 million.
Morgan Stanley analyst Glenn Reicin raised with rating to “underweight” to reflect the company’s quarterly numbers.
Excluding charges relating to the sale of a product line, Edwards posted a $33 million first-quarter profit, which beat analysts’ expectations of $28 million.
