Bear Stearns reiterates ev3 at outperform

ev3 Inc. was reiterated at an outperform rating and a $23 price target by Bear Stearns analyst Rick Wise. The company announced Food and Drug Administration approval of its SpideRX embolic protection device for use in saphenous vein grafts (SVG). As a result, SpideRX is ready to be launched immediately for use in SVG. The analyst estimates fourth-quarter 2006 sales of $6.8 million, for total 2006 embolic protection sales of $14.9 million. Shares of the Plymouth, Minn.-based medical device company were up $1.70, or 13.41%, at $14.38 on volume of 1,228,222 shares versus the three-month running average of 324,941 shares. (Nasdaq: EVVV)

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