Valeant Pharmaceuticals Intl Inc (NYSE:VRX) announced this morning that its subsidiary Bausch + Lomb has received CE Mark from the European Commission for the Stellaris Elite™ Vision Enhancement System, the company’s next generation ophthalmic surgical platform, which includes Vitesse™, the first and only hypersonic, open-port vitrectomy system.
The Stellaris Elite platform is now available throughout greater Europe, including the 28 countries of the European Union, Iceland, Liechtenstein, Norway and Switzerland.
“We’re pleased to bring the Stellaris Elite Vision Enhancement System, including the cutting-edge Vitesse technology, to the greater European market,” said Joseph C. Papa, chairman and CEO, Valeant. “Because this surgical platform offers the opportunity to continuously add innovative upgrades and enhancements, it enables surgeons to customize their systems and expand their capabilities as their needs evolve without having to invest in a new surgical system.”
Already available in the United States, the Stellaris Elite Vision Enhancement System is the first phacoemulsification platform to offer Adaptive Fluidics™, which combines precise aspiration control with predictive infusion management to create a highly responsive and controlled surgical environment for efficient lens removal.* As part of the platform’s vitreoretinal capabilities, the Vitesse hypersonic vitrectomy system uses a novel, single-needle design and continuously open-port system that represents the first major advancement in vitreous removal in 40 years. Vitesse will be available exclusively on the Stellaris Elite platform.
Shares of Valeant are up nearly 1% to $24.05 in pre-market trading Monday. VRX has a 1-year high of $24.43 and a 1-year low of $8.31. The stock’s 50-day moving average is $19.51 and its 200-day moving average is $15.77.
On the ratings front, Valeant has been the subject of a number of recent research reports. In a report issued on January 5, TD Securities analyst Lennox Gibbs maintained a Buy rating on VRX, with a price target of $27, which implies an upside of 13% from current levels. Separately, on January 4, Wells Fargo’s David Maris maintained a Sell 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, Lennox Gibbs and David Maris have a yearly average loss of 5.2% and 7.0% respectively. Gibbs has a success rate of 42% and is ranked #4288 out of 4754 analysts, while Maris has a success rate of 37% and is ranked #4541.
Sentiment on the street is mostly neutral on VRX stock. Out of 11 analysts who cover the stock, 5 suggest a Hold rating , 4 suggest a Sell and 2 recommend to Buy the stock. The 12-month average price target assigned to the stock is $12.00, which implies a downside of 50% from current levels.
Valeant 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.