Sep. 8 at 5:30 PM
$ISRG ISRG following the medtech sector lower today. Shares near 350.43, down about 4.42 percent.
I don't have one ISRG specific headline that fully explains today's size of move, so I'd rather say that directly than manufacture a clean story.
Here's the likely backdrop though. Intuitive is also presenting today at the same Wells Fargo Healthcare Conference where Stryker rattled investors with supply chain warnings, and conference days like this tend to pull the whole medtech group lower together on sentiment.
Adding to that, Medtronic's own conference remarks today touched on its ambitions in robotic surgery, framing Intuitive as the incumbent it intends to challenge more directly.
None of this is new information exactly, competitive pressure from Medtronic and Johnson and Johnson has been part of the ISRG story all year, alongside a slowdown in U.S. procedure growth guidance.
I would love this stock at
$341 and change (NFA).
Follow for updates if a clearer catalyst surfaces.
