Endologix shares slide 21% as medical-device maker halts shipments of top product

Shares of Endologix Inc. slipped 24% Tuesday as analysts weighed in on the news that the company was placing a temporary shipping hold on one of its biggest-selling devices because of manufacturing issues.

The stock fell to its lowest level since October 2010 on the news about the company’s AFX Endovascular AAA System, which treats abdominal aortic aneurysms and was first approved by the Food and Drug Administration in 2011. The device accounts for about 63% of the ELGX, -26.70% estimated sales for 2016, according to analysts at Leerink.

The news “is another piece of disappointing news from ELGX,” they wrote in a note, citing the recent CE Mark suspension for AFX in Europe and delays in approval of its Nellix device.

>>> Original Source <<<