H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Alimera (NASDAQ: ALIM) today and set a price target of $2.50. The company’s shares opened today at $0.85, close to its 52-week low of $0.74.
Selvaraju wrote:
“We note that less than a third of chronic DME patients in England and Wales have an artificial lens. Therefore, if reimbursement of Iluvien is available to all DME patients in UK, Alimera’s revenue from UK could increase significantly. Management expects the Technology Assessment 301 part-appraisal to be completed in 2019. In the wake of this update, we reiterate our Buy rating and $2.50 price target.”
According to TipRanks.com, Selvaraju is a 3-star analyst with an average return of 2.3% and a 40.1% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Alimera has an analyst consensus of Moderate Buy, with a price target consensus of $2.50.
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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 $6.74 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.
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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.
