Boston, MA 06/20/2014 (wallstreetpr) – Designer and manufacturer of medical, surgical, and diagnostic devices, AngioDynamics, Inc. (NASDAQ:ANGO) disclosed that the Food and Drug Administration or FDA has given its permission for its Celerity tip location system. Following this, shares of the company witnessed uptick in Thursday trading besides inviting upgrades from a brokerage.
AngioDynamics, Inc. (NASDAQ:ANGO) said that the FDA’s clearance of its Celerity system is an addition to help placing Peripherally Inserted Central Catheters or PICCs in adults through real time offer of catheter tip location by using the cardiac electrical activity of the patients.
As a result of the FDA clearance, AngioDynamics expects to commence distribution from early July in the U.S. The company indicated its commitment in establishing an obvious regulatory pathway to get Celerity to the market by mid-summer in the U.S. and the first approval position itself squarely on the set timeline.
The diagnostic device maker viewed that the clearance highlighted its expertise of its team of regulatory affairs and that it was the first step towards a long-term strategy to bring next generation devices with capabilities of navigation.
AngioDynamics, Inc. (NASDAQ:ANGO)’s senior vice president of its Vascular Access Business Chuck Greiner said that the Celerity tip location system combined with its thromboresistant BioFlo PICCs, places itself to offer an unmatched offering of products to its customers. The latest FDA approval also allows the company to strengthen the gains it had witnessed from its innovative BioFlo platform, which led to its return of growth.
Investment advisor Canaccord Genuity has upgraded AngioDynamics, Inc. (NASDAQ:ANGO shares to Buy from Hold rating. The brokerage has also boosted its price target to $20.00 from its previous price tag of $16.26. The analyst cited business improvement and on the expectation of its cash flow for his upgrade and price target. The stock had already witnessed 4.5% uptick in Thursday trading. At one point of time, shares recorded 5.8% gain during the intra-day trading and the profit taking brought down the gain to 4.5% at the close.