Valeant Pharmaceuticals Intl Inc’s (NYSE:VRX) wholly owned subsidiary Bausch + Lomb, a leading global eye health company, today announced the introduction of Biotrue® ONEday for Astigmatism daily disposable contact lenses. Approximately 73.2 million people in the U.S. are astigmatic, but only 8.8 million people are currently wearing toric contact lenses. Biotrue® ONEday for Astigmatism helps eye care practitioners capture this astigmatic opportunity by offering patients the convenience of a daily disposable contact lens with the innovation of an evolved peri-ballast design for stability and a unique dehydration barrier to help the lens maintain 98% of its moisture for up to 16 hours.
Biotrue® ONEday features a bio-inspired design that starts and ends the day with more moisture than the leading daily disposable contact lenses. The advanced technology of Biotrue® ONEday for Astigmatism provides today’s patients with consistently clear vision and comfort throughout the day.
“Biotrue® ONEday for Astigmatism contact lenses were designed to provide eye care practitioners an innovation that meets the lifestyle demands of their astigmatic patients today,” said Joseph C. Papa, Chairman and CEO of Valeant. “The introduction of this lens also completes the Biotrue®ONEday portfolio, joining Biotrue® ONEday and Biotrue® ONEday for Presbyopia contact lenses in
Bausch + Lomb’s U.S. Vision Care portfolio.”
As part of the lens development process, Bausch + Lomb scientists assessed blink patterns across a wide range of patients to design a lens that works with the eye for stable, clear vision. Similar to Biotrue® ONEday and Biotrue® ONEday for Presbyopia, Biotrue® ONEday for Astigmatism utilizes Surface Active TechnologyTM, which provides a unique dehydration barrier helping the lens maintain 98% of its moisture for up to 16 hours.
Shares of Valeant closed yesterday at $10.89, down $1.22 or -10.07%. VRX has a 1-year high of $38.50 and a 1-year low of $10.50. The stock’s 50-day moving average is $14.21 and its 200-day moving average is $18.63.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report released yesterday, BMO analyst Gary Nachman maintained a Hold rating on VRX, with a price target of $15, which represents a potential upside of 38% from where the stock is currently trading. Separately, on the same day, Stifel Nicolaus’ Annabel Samimy maintained a Buy rating on the stock.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Gary Nachman and Annabel Samimy have a yearly average return of 10.7% and 8.8% respectively. Nachman has a success rate of 59% and is ranked #681 out of 4539 analysts, while Samimy has a success rate of 57% and is ranked #710.
Overall, 3 research analysts have rated the stock with a Sell rating, 9 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $13.75 which is 26.3% above where the stock closed yesterday.
Valeant Pharmaceuticals International, Inc. is a pharmaceutical company which engages in developing, manufacturing, and marketing pharmaceutical products in the areas of dermatology, eye health, neurology, and generics. It operates through the Developed Markets and Emerging Markets. The Developed Markets segment offers over-the-counter and medical products as well as alliance and contract service revenues, in the areas of dermatology and podiatry, neurology, gastrointestinal disorders, eye health, oncology and urology, dentistry, aesthetics, and women’s health. The Emerging Markets consists of branded generic pharmaceutical and branded pharmaceuticals; over-the-counter and medical device products.