Investors pumped up
Wednesday morning after the medical-device maker said it received European CE Mark approval for its C-Port Flex A Anastomosis System, which attaches blood vessels and grafts in less-invasive coronary-artery bypass graft (CABG) procedures.
The stock rocketed 54% last week after Cardica announced that two independent groups of cardiothoracic surgeons in the U.S. had performed closed-chest bypass procedures using the system with
da Vinci Surgical System.
Shares then headed the opposite direction at the start of this week when analysts speculated that the share price no longer reflected the value of the company. Specifically, they noted that it will be some time before the technology can become the standard of care -- and that the company is likely too young to be considered an acquisition target.
Cardica was gaining $1.73, or 20%, to $10.37 in recent trading Wednesday.