Analyst Goes Over Next Week’s Key Events for Valeant Pharmaceuticals Intl Inc (VRX)
RBC Capital analyst Douglas Miehm affirmed his Sector Perform rating for Valeant Pharmaceuticals Intl Inc (NYSE:VRX) with a price target of $33, marking a 39% increase from current levels. The analyst discusses developments that investors should keep an eye on related to Valeant over the next week. First, the company has two PDUFA dates, dates the FDA approves or rejects a drug. The analyst is expecting Oral Relistor to be approved on July 19, but is less certain about latanoprostene bunod. If latanoprostene bunod isn’t approved on July 21, Miehm expects it would be approved later on this year. Also on July 19, the FDA will meet to discuss brodalumab, a human monoclonal antibody designed for the treatment of inflammatory diseases, another one of Valeant’s pipeline drugs. The analyst expects the FDA to approve the efficacy of the drug, but he mentions that there will be talk of possible side effects like suicide ideation and depression.
According to TipRanks, Miehm has a success rate of 42% with an average loss of 10.4% per recommendation.