Stock Update (NASDAQ:PSDV): pSivida Corp. Reports ILUVIEN® for DME Approved in Poland
pSivida Corp. (NASDAQ:PSDV), a leader in the development of sustained release drug delivery products for treating eye diseases, announced that the Office for Registration of Medicinal Products, Medical Devices and Biocidal Products in Poland has granted marketing authorization to ILUVIEN for the treatment of vision impairment associated with diabetic macular edema (DME) considered insufficiently responsive to available therapies. This marks the completion of the latest round of EU authorizations with ILUVIEN now approved in 17 European countries.
ILUVIEN is currently being sold in the U.S., U.K., Germany and Portugal. pSivida is entitled to 20 percent of net profits of ILUVIEN sales by its licensee on a country-by-country, quarter-by-quarter basis. (Original Source)
Shares of pSivida Corp closed yesterday at $4.2 . PSDV has a 1-year high of $4.94 and a 1-year low of $3.26. The stock’s 50-day moving average is $4.27 and it’s 200-day moving average is $4.10.
On the ratings front, MLV & Co. analyst Arlinda Lee maintained a Buy rating on PSDV, with a price target of $6.50, The current price targetrepresents a potential upside of 54.8% from where the stock is currently trading, In a report issued on March 26. The current price targetrepresents a potential upside of 54.8% from where the stock is currently trading
According to TipRanks.com, Lee has a total average return of 3.6%, a 53.2% success rate, and is ranked #1501 out of 3574 analysts.
pSivida Corp develops tiny, sustained-release, drug delivery products designed to deliver drugs at a controlled and steady rate for months or years.