Valeant Pharmaceuticals Intl Inc’s (NYSE:VRX) wholly owned subsidiary, Bausch + Lomb, announced it has received 510(k) clearance from the FDA for Vitesse, the first and only hypersonic device for vitreous removal, which uses a novel, single-needle design and a continuously open-port system. This new technology represents the first major vitreous removal innovation in 40 years, and one that will be available exclusively on the company’s new Stellaris Elite™ Vision Enhancement System.
“The successful clearance and upcoming launch of Vitesse is another opportunity in our 2017 launch plan, which we believe will provide truly innovative applications for retina surgeons and their patients,” said Joseph C. Papa, Chairman and CEO of Valeant. “We look forward to bringing this next evolution, cutting-edge technology to market on our new Stellaris Elite platform.”
Earlier this month, Bausch + Lomb received 510(k) clearance from the FDA for the Stellaris Elite Vision Enhancement System, the company’s next-generation surgical platform. The new machine offers many new cutting-edge innovations, as well as the opportunity to add upgrades and enhancements continuously, allowing surgeons to customize their machines and expand their capabilities more rapidly than ever before. Bausch + Lomb plans to launch Stellaris Elite for retina applications this summer, which will integrate both retina and cataract capabilities into a single machine. It will offer additional functionality and a broad range of accessories and probes, including Vitesse.
“I feel privileged to have been able to work with Bausch + Lomb in the development of this new technology since its birth in the lab in 2012. This is perhaps the first major technological change in the way we remove the vitreous since the appearance of guillotine vitrectors,” said Paulo Stanga, M.D., a professor of Ophthalmology and Retinal Regeneration at the University of Manchester, and a vitreoretinal surgeon for the Manchester Royal Eye Hospital based in Manchester, United Kingdom. “The new hypersonic vitrector is a significant step forward as it has the potential to lead to future advancements with various needle configurations and gauge sizes.”
Shares of Valeant are currently trading at $9.21, up $0.19 or 2.11%. VRX has a 1-year high of $38.50 and a 1-year low of $8.31. The stock’s 50-day moving average is $10.35 and its 200-day moving average is $14.99.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on April 20, J.P. Morgan analyst Chris Schott reiterated a Hold rating on VRX, with a price target of $10.00, which represents a potential upside of 11% from where the stock is currently trading.On April 12, Mizuho’s Irina Rivkind Koffler reiterated a Sell rating on the stock and has a price target of $8.00.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Chris Schott and Irina Rivkind Koffler have a yearly average return of 1.6% and 19.3% respectively. Schott has a success rate of 53% and is ranked #2123 out of 4571 analysts, while Koffler has a success rate of 54% and is ranked #111.
Sentiment on the street is mostly neutral on VRX stock. Out of 15 analysts who cover the stock, 9 suggest a Hold rating , 3 suggest a Sell and 3 recommend to Buy the stock. The 12-month average price target assigned to the stock is $14.40, which represents a potential upside of 60% from where the stock is currently trading.
Valeant Pharmaceuticals International, Inc. engages in the development, manufacture, and market of a broad range of pharmaceutical products in the areas of dermatology, gastrointestinal disorders, eye health, neurology and branded generics. It operates through the following segments: The Bausch + Lomb/International, The Branded Rx, and The U.S. Diversified products.