Abiomed Rises Following Heart Pump Approvals

NEW YORK (AP) — Abiomed Inc. shares traded higher Thursday, a day after regulators approved two new Abiomed heart devices for sale.

Late Wednesday, the Food and Drug Association gave marketing approval for the Impella 5.0 and Impella LD devices. The products are intended to provide temporary assistance in pumping blood, reducing strain on the heart. Abiomed said the devices can help patients avoid more complex surgeries like pacemaker implantation or heart transplants.

In afternoon trading, Abiomed shares rose 47 cents, or 8.5 percent, to $6.02.

In a note to clients, Wedbush Morgan analyst Duane Nash said clinical trial data for the Impella 5.0 is limited, however the results that exist are "impressive." He forecasts peak sales of $230 million for Abiomed's older pump, the Impella 2.5, but said Abiomed's plans for the new products are not clear.

Nash holds a target price of $18 per share on the Danvers, Mass., company. Shares traded at a 52-week low of $4.67 last month and a high of $20.07 last July.