Shares of Boston Scientific (NYSE: BSX) dropped to their lowest price since 2002 on Monday, while shares of Abbott laboratories (NYSE: ABT) rose after a medical study showed that Abbot's stent device was better at treating clogged heart arteries.
Shares of Boston Scientific fell $1.00, or 6.57 percent, to $14.22 in afternoon trading on the New York Stock Exchange. Abbot shares were up $3.38, or 6.28 percent, to $56.97.
A report released by Abbot on Saturday at the yearly meeting of the American College of Cardiology showed that its Xience drug-coated stent outperformed Boston Scientific's Taxus stent in keeping arteries from clogging up again. Abbott expects the device to be approved by U.S. officials next year.
Analysts expect Abbott's Xience product to take a leadership role in the foreign and domestic market as soon as the stent is approved. Meanwhile, various analysts also cut their Boston Scientific's earnings and revenue estimates.