Given Imaging Ltd. (GIVN:US) rose to snap a two-day decline in New York after Japan said it will reimburse patients for use of two of its treatments.
The Israeli maker of swallowable pill-sized cameras for digestive diagnosis added 0.5 percent to $16.87 in New York after earlier rising 2.7 percent to a six-week high. The Tel Aviv shares ended little changed at 67.19 shekels, or the equivalent of $16.93.
Japan’s Ministry of Health, Labor and Welfare has issued reimbursement codes for Given Imaging’s PillCam Patency Capsule and SB video capsule for the 105 million adults in the country, according to a statement today. The Asia Pacific and Japan region accounted for 14 percent of the Yokneam, Israel-based company’s revenue in 2011, and the Europe, Middle East and Africa region encompassed 25 percent of tis sales, according to data compiled by Bloomberg.
“This indicates that more doctors can use the pillcam with patients in Japan,” Bryan Brokmeier, an analyst at Maxim Group LLC, said by phone from New York yesterday. “That’s completely going to help support their growth in the back half of this year and makes investors feel more comfortable looking at the longer- term opportunities for the company.”
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