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Medtronic's Deal with Cornerstone Robotics to Complement Hugo Surgery System, Needham Says

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Medtronic's (MDT) partnership with Cornerstone Robotics for distribution rights for Sentire robotics system will likely complement the company's Hugo robotic-assisted surgery system, Needham said in a Thursday research report.

The brokerage highlighted Sentire's distinct architecture and likely lower price points, which could broaden Medtronic's client base, according to the note.

Needham analysts noted that the Cornerstone deal bolsters Medtronic's competitive position in the robotics segment.

The brokerage said it had a buy rating on the stock and a price target of $114 per share.

Price: $92.72, Change: $+0.12, Percent Change: +0.13%

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Halozyme Therapeutics Plans $1.05 Billion Offering of Convertible Notes

Halozyme Therapeutics (HALO) plans to launch an offering of $1.05 billion of convertible senior notes due 2033, subject to market conditions.Initial purchasers will have a 13-day option to buy up to an additional $150 million of the notes, the company said Wednesday in a statement.Halozyme expects to use part of the proceeds to fund capped call transactions and to enter agreements with holders of its 0.25% convertible notes due 2027 and 1% convertible notes due 2028 to repurchase their notes for cash. The remainder will be used for general corporate purposes.Halozyme shares fell 1.8% in after-hours trading.

$HALO
Wire

Medical Properties Trust Completes Sale of 2 Idaho Hospitals

Medical Properties Trust (MPT) completed the sale of two Idaho hospital properties to affiliates of Intermountain Health for $413 million.The company said Wednesday it received $371 million in cash proceeds for Idaho Falls Community Hospital and Mountain View Hospital with $42 million distributed to minority real-estate owners.The sale represents a gain of about $130 million over the hospitals' gross book value, Medical Properties Trust said.The company expects to use a majority of the proceeds to reduce debt.Medical Properties Trust shares rose 2.1% in after-hours trading.

$MPT
Wire

BCB Bancorp Launches Stock Offering; Identifies Portfolio of Problem Loans; Expects Q3 Net Loss

BCB Bancorp (BCBP) said Wednesday it has launched an underwritten public offering of shares. Net proceeds will be used for general corporate purposes and to support capital, including in connection with the planned disposition of potential problem loans, among other purposes, it said.The company said that the management of its unit BCB Community Bank has identified for sale and started marketing of a portfolio of problem loans.The bank has received indications of interest from potential buyers covering all of the about $210 million principal balance of the problem loans for sale, it said, adding it expects to complete the sales during Q3.In addition, the bank said that during Q3, it plans to transfer about $27 million of commercial real estate loans showing credit weakness to held for sale. The bank also said it started marketing for the potential sale of its business lines focused on cannabis-related clients.The company said it now expects a Q3 provision for credit losses of $112 million to $120 million, and to post a Q3 net loss between $126.2 million and $136.1 million.BCB Bancorp shares were down nearly 8% in after-hours activity.

$BCBP