Company Update (NASDAQ:PSDV): pSivida Corp. Announces Top-Line Results from Investigator-Sponsored Phase II Study of Medidur™ for Uveitis to Be Reported Next Week
pSivida Corp. (NASDAQ:PSDV), a leader in the development of sustained release drug delivery products for treating eye diseases, announced that top line results from an investigator-sponsored, Phase II study of pSivida’s Medidur for uveitis will be presented at the 33rd Annual Scientific Meeting of the American Society of Retina Specialists (ASRS) meeting to be held July 10-14 in Vienna, Austria. Dr. Glenn J. Jaffe, Robert Machemer Professor of Ophthalmology at Duke University School of Medicine inDurham, NC, who is conducting this study, will make the presentation. He also serves as principal investigator in pSivida’s first pivotal Phase III trial for Medidur for posterior uveitis, which is currently underway.
The American Society of Retina Specialists, a non-profit corporation, provides a scientific forum to promote the advancement of vitreoretinal diseases and surgery to its more than 2,600 members in the United States, Puerto Rico and 59 countries. (Original Source)
Shares of pSivida Corp opened today at $3.61 and are currently trading down at $3.55. PSDV has a 1-year high of $4.94 and a 1-year low of $3.43. The stock’s 50-day moving average is $3.89 and its 200-day moving average is $4.08.
On the ratings front, MLV & Co. analyst Arlinda Lee reiterated a Buy rating on PSDV, with a price target of $6.50, in a report released today. The current price target represents a potential upside of 83.1% from where the stock is currently trading. According to TipRanks.com, Lee has a total average return of 8.3%, a 53.3% success rate, and is ranked #818 out of 3691 analysts.
pSivida Corp develops tiny, sustained-release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years.