Bausch + Lomb, a division of Valeant Pharmaceuticals Intl Inc (NYSE:VRX), announced the introduction of Biotrue® ONEday for Astigmatism daily disposable contact lenses in 20 countries in Europe. This latest contact lens advancement provides the convenience of a daily disposable with the innovation of an evolved peri-ballast design for stability and a unique dehydration barrier proven to help the lens maintain 98% of its moisture for up to 16 hours.
“The Biotrue® ONEday for Astigmatism contact lenses were developed by our in-house team of scientists and contact lens designers to meet the needs of today’s astigmatic patients,” said Joseph C. Papa, chairman and CEO, Valeant. “The full spectrum of Biotrue® ONEday products, which also includes Biotrue® ONEday Single Vision and Biotrue® ONEday for Presbyopia contact lenses, is now an option for patients across many countries in Europe.”
As part of the development process for the lens, Bausch + Lomb evaluated various ballasting mechanisms and assessed dynamics of blink patterns across a wide range of patients using high speed videography. To achieve the combination that performed the best in the high-water content material of Biotrue® ONEday contact lenses, engineers created an evolved lens design incorporating advanced optics to help reduce halos and glare, even in low-light conditions.
Shares of Valeant are currently trading at $14.65, up $0.03 or 0.21%. VRX has a 1-year high of $24.89 and a 1-year low of $8.31. The stock’s 50-day moving average is $13.97 and its 200-day moving average is $13.35.
On the ratings front, VRX stock has been the subject of a number of recent research reports. In a report released yesterday, Cantor analyst Louise Chen reiterated a Buy rating on VRX, with a price target of $23, which implies an upside of 57% from current levels. Separately, on the same day, RBC’s Nicholas Keher reiterated a Hold rating on the stock and has a price target of $21.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Louise Chen and Nicholas Keher have a yearly average loss of 8.3% and a return of 1.1% respectively. Chen has a success rate of 42% and is ranked #4564 out of 4686 analysts, while Keher has a success rate of 60% and is ranked #2928.
Overall, 3 research analysts have rated the stock with a Sell rating, 8 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $21.50 which is 47% above where the stock opened today.
Valeant engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products. The Bausch + Lomb/International segment is consist of the sale of pharmaceutical products, over-the-counter products, and medical devices products. The Branded Rx segment is comprised of pharmaceutical products related to the Salix product portfolio; dermatological product portfolio; branded pharmaceutical products, branded generic pharmaceutical products; over-the-counter products; medical device products; Bausch + Lomb products sold in Canada; and the oncology, dentistry, and health products for women. The U.S. Diversified Products segment is the sales in the U.S. of pharmaceutical products, over-the-counter products, and medical device products in the areas of neurology and certain other therapeutics classes, including aesthetics and generic products in the U.S.