Oppenheimer analyst Steven Lichtman maintained a Buy rating on Valeritas (NASDAQ: VLRX) yesterday and set a price target of $3.50. The company’s shares closed yesterday at $1.50, close to its 52-week low of $1.19.
Lichtman commented:
“VLRX reported 2Q sales of $6.5M (+36% yoy), above our $6.3M forecast. Targeted account prescription growth remained strong (+22%y/y) and non-targeted account prescription trends continued to stabilize (+5% sequentially). Opex came in ~ $2M better than our estimates owing to greater-than-expected SG&A leverage. Management reiterated FY18 sales guidance of $26M-$28M, and provided updates on its newly launched integrated CRM system, presentations of positive clinical data at recent medical conferences and expansion of Medicare formulary adoption by Cigna HealthSpring Part D. On the pipeline, management expects to leverage its recent agreement with diabetes management platform provider Glooko and to launch V- Go SIM (Simple Insulin Management) by 1H19. OUS commercialization expansion begins 2H18 (kicked off in New Zealand August 1st).”
According to TipRanks.com, Lichtman is ranked 0 out of 5 stars with an average return of -2.7% and a 52.5% success rate. Lichtman covers the Healthcare sector, focusing on stocks such as Boston Scientific Corp, Zimmer Biomet Holdings, and Motus Gi Holdings Inc.
Currently, the analyst consensus on Valeritas is a Moderate Buy with an average price target of $3.50.
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Based on Valeritas’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $11.57 million. In comparison, last year the company had a GAAP net loss of $11.98 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.
