NEW YORK (TheStreet) -- Edwards Lifesciences (EW) surged after a U.S. District Court in Delaware granted a preliminary injunction to limit the sale of Medtronic's (MDT) CoreValve system within the U.S.
The injunction was announced on Friday but goes into effect on April 22. CoreValve has been sold in Europe for several years and received FDA approval in January. A federal jury found in 2010 that CoreValve infringed on an Edwards patent. Edwards has sold a rival product called Sapien since 2011 and has battled CoreValve with patent litigation.
Edwards also received multiple analyst upgrades. CRT Capital upgraded the stock to "buy" and increased its price target to $87 from $79. J.P. Morgan (JPM) upgraded the stock to "neutral."
The stock rose 13.82% to $83.06 at 11:32 a.m. on Monday. Nearly 4 million shares had changed hands, well above the average volume of 1,358,590.