J&J Falls on Stent Move

The company pulls 300 of its Cyper stents from the market because of quality-control reasons.
Author:
Publish date:

Johnson & Johnson

(JNJ) - Get Report

shares fell early Friday after the company late Thursday said it had voluntarily withdrawn 300 of its Cypher stents for quality-control reasons.

The New Jersey-based health care giant said the coating on six of the devices did not meet its specifications and has notified federal regulators.

J&J rival

Boston Scientific

(BSX) - Get Report

last summer had to recall a much larger number of its Taxus stents because of manufacturing problems, a move that pounded the company's stock.

J&J and Boston Scientific are the only two companies with approval to sell drug-coated stents in the U.S. J&J was first to the market, but Boston Scientific has assumed market leadership.

J&J recently announced plans to acquire

Guidant

(GDT)

, another medical-device maker.

Shares were down $1.09, or 1.7%, to $62.23 in the premarket.