BTIG analyst Ryan Zimmerman downgraded Penumbra to Neutral from Buy with a suspended price target after the announced the voluntary recall of its JET 7 Reperfusion Catheter with Xtra Flex technology, citing the catheter’s susceptibility to distal tip damage. Issues with the JET 7 Xtra Flex were well publicized, but on the update call last night, management noted that another patient death in October shifted the conversation with the FDA, resulting in the recall, Zimmerman tells investors in a research note. It is difficult to reconcile this timeline and not think that management “will have to rebuild investors’ trust,” says the analyst. Penumbra in premarket trading is down 9%, or $17.72, to $171.10.