St. Jude Medical slides on FDA order

Shares of St. Jude Medical closed down more than 4% yesterday after the FDA ordered it to run a 3-year study of its recalled Riata defibrillator leads.

St. Jude Medical [1]'s (NYSE:STJ [2]) shares dropped more than 4% yesterday after the FDA ordered the medical device company to run a 3-year surveillance program of its recalled Riata defibrillator leads, plus 3 other leads that are still on the market.

STJ shares closed at $36.87 yesterday afternoon, down 4.4% on the day, but opened up slightly at $37.31 this morning. The stock has hovered around that mark so far this morning on Wall Street, reaching $36.96 as of about 10 a.m.

Yesterday afternoon the FDA ordered St. Jude to launch the 3-year post-market review [3] of the recalled Riata and Riata ST leads, as well as for its QuickFlex LV CRT, QuickSite LV CRT, Riata ST Optim and Durata leads.