Company Update (NASDAQ:PSDV): pSivida Corp. Announces Two Tech Evaluation Agreements with Leading Global Pharmaceutical Company
pSivida Corp. (NASDAQ:PSDV), a leader in developing sustained release, drug delivery products for treating eye diseases, announced that it has signed two funded technology evaluation agreements with a leading global pharmaceutical company. The agreements will each evaluate the use of pSivida’s Durasert™ technology to deliver a specific compound to treat a significant ophthalmic disease.
“We are very pleased to be working with this leading global pharmaceutical company,” said Dr. Paul Ashton, president and CEO of pSivida. “Our strategy includes partnering product development with market leaders in appropriate circumstances, allowing us to expand our reach beyond our own product development. This opportunity fits that criteria, and we are excited about the potential products.” (Original Source)
Shares of pSivida Corp. closed yesterday at $3.86 . PSDV has a 1-year high of $4.94 and a 1-year low of $3.40. The stock’s 50-day moving average is $4.07 and its 200-day moving average is $4.12.
On the ratings front, MLV & Co. analyst Arlinda Lee maintained a Buy rating on PSDV, with a price target of $6.50, in a report issued on March 26. The current price target implies an upside of 68.4% from current levels.
According to TipRanks.com, Lee has a total average return of -0.8%, a 44.2% success rate, and is ranked #2845 out of 3599 analysts.
pSivida Corp develops tiny, sustained-release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years.