In a report released today, Steven Lichtman from Oppenheimer maintained a Buy rating on Valeritas (VLRX), with a price target of $2. The company’s shares opened today at $0.41, close to its 52-week low of $0.37.
Lichtman commented:
“We update our model following 3Q and VLRX’s recent equity raise. 3Q sales were $6.9M (+37% yoy), above our $6.7M estimate on initial international sales. Sales included ~$0.4M OUS distributor stocking order, offset by impacts from VLRX’s US promotional V-Go initiation program. US targeted account prescription growth accelerated to +26% yoy; non-targeted account prescription trends declined 5% yoy. GM was 45.9% (+610bps y/y). FY18 sales guidance was lowered to $26-26.5M (from $26-28M) on impact from investment in the 2H18 V-Go initiation program. Following recent equity raise, management will look to build on its targeted account success through an expected 50% increase in the sales force (up to 25 new reps 2019) and through increased DTC investment.”
According to TipRanks.com, Lichtman is currently ranked with no stars on a 0-5 star ranking scale, with an average return of -7.1% and a 46.7% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.
Valeritas has an analyst consensus of Hold.
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Based on Valeritas’ latest earnings release for the quarter ending September 30, the company reported a quarterly GAAP net loss of $11.53 million. In comparison, last year the company had a GAAP net loss of $10.58 million.
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Valeritas Holdings, Inc. engages in the development of innovative technologies to improve the health and quality of life of people. It offers products under the V-Go brand. V-Go Disposable Insulin Delivery Device, is used by patients with type 2 diabetes to maintain target blood glucose goals.
