Shares of leading medical device provider in the global
) reached new 52-week high of $75.60 in mid-day trading
yesterday. Shares of the company closed at $75.35 on the same
day, reflecting a strong one-year return of 34.2%.
SYK has a market cap of $28.3 billion. Average volume of shares
traded over the last three months stood at approximately
Shares of Stryker Corporation were favorably affected by its
announcement of acquiring Irvine, Calif.-based
Patient Safety Technologies
) on Dec 31. Although the stock slipped on the following day, it
picked up later and reached a new 52-week high yesterday.
SYK bought Patient Safety Technologies in order to utilize
Patient Safety's device to lessen the risk of surgical sponges
being left in patients after surgery. The deal is locked at $120
Stryker will pay $2.22 per share for Patient Safety, which
reflects a fat 50% premium of its closing price on Dec 30. The
deal is approved by the PSTX Board of Directors and is expected
to close in the first quarter of 2014.
Last month, Stryker completed its acquisition of MAKO Surgical
for $1.65 billion. The acquisition of MAKO allowed SYK to get
hold of the latter's advanced robotic arm technology known as
Robotic Arm Interactive Orthopedic System, or RIO. The technology
helps orthopedic surgeons in performing knee and hip joint
SYK believes MAKO's robotic technology has long-term potential
for human joint reconstruction. Secondly, the company can proceed
with further implant development for MAKO's technologies
utilizing its R&D capabilities.
Currently, Stryker retains a Zacks Rank #4 (Sell). Some
better-ranked stocks in the medical products industry include
Cardiovascular Systems Inc.
). Cardiovascular Systems has a Zacks Rank #1 (Strong Buy) while
Cytosorbents has a Zacks Rank #2 (Buy).
CARDIOVASCLR SY (CSII): Free Stock Analysis
CYTOSORBENTS CP (CTSO): Get Free Report
PATIENT SAFETY (PSTX): Get Free Report
STRYKER CORP (SYK): Free Stock Analysis
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