FDA Letter Gives Medline Shares Another Hurdle After IPO Slide
Medline closed Thursday at $34.45 after receiving a second FDA warning letter in two months over quality lapses at its Waukegan, Illinois drug plant. The FDA cited repeated microbial contamination and poor investigations. Baird cut its price target to $45 but maintained an Outperform rating. Medline’s shares remain above their $29 IPO price but well below their $41 debut close.