In a report released today, Andrew D’silva from B.Riley FBR initiated coverage with a Buy rating on Alimera (NASDAQ: ALIM) and a price target of $2.75. The company’s shares closed yesterday at $0.92.
D’silva wrote:
“We are initiating coverage of Alimera Sciences, Inc. (ALIM) with a Buy rating and a 12- month price target of $2.75 per share. The company, through its partnership with EyePoint Pharmaceuticals, Inc. (EYPT – Buy, $5 PT), is a leader in sustained-release technologies, primarily focused on treating debilitating chronic eye diseases. We believe ALIM is progressing toward several key milestones related to its lead offering, Iluvien, a long-lasting treatment for diabetic macular edema (DME). We expect revenue for Iluvien to begin to show meaningful growth through a “step function,” as a layering effect should begin to commence as patients that were early adopters begin a second treatment cycle.”
According to TipRanks.com, D’silva is a 4-star analyst with an average return of 22.3% and a 49.3% success rate. D’silva covers the Healthcare sector, focusing on stocks such as Cumberland Pharmaceuticals Inc., Cytori Therapeutics Inc, and Sorrento Therapeutics.
Alimera has an analyst consensus of Moderate Buy, with a price target consensus of $2.63.
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Based on Alimera’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $7.68 million. In comparison, last year the company had a GAAP net loss of $2.76 million.
Based on the recent corporate insider activity of 17 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of ALIM in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Alimera Sciences, Inc. engages in the research and development of biopharmaceutical products. It operates through the U.S. and International geographic segments. The firm focuses on the development of ophthalmic pharmaceuticals for the treatment of diabetic macular edema, wet and dry age-related macular degeneration, and retinal vein occlusion.
