Why Silk Road Medical Stock Is Plunging Today
Portfolio Pulse from Vandana Singh
Silk Road Medical Inc's stock plunged following an unfavorable government decision regarding Medicare coverage of carotid artery stenting. The Centers for Medicare & Medicaid Services proposed that coverage of percutaneous transluminal angioplasty of carotid arteries is 'reasonable and necessary' with FDA-approved devices. This decision uniquely impacts Silk Road Medical, leading to downgrades from J.P. Morgan and B of A Securities. The company's shares are down 32.5%.
July 12, 2023 | 4:53 pm
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NEGATIVE IMPACT
Silk Road Medical's stock price plunged due to an unfavorable government decision on Medicare coverage of carotid artery stenting. The company was downgraded by J.P. Morgan and B of A Securities.
The Centers for Medicare & Medicaid Services' decision to propose coverage of percutaneous transluminal angioplasty of carotid arteries with FDA-approved devices has negatively impacted Silk Road Medical. This decision has led to downgrades from J.P. Morgan and B of A Securities, causing the company's stock price to plunge.
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