pSivida Corp. (NASDAQ:PSDV)
Shares of biotechnology company pSivida Corp. (NASDAQ:PSDV) gained 6% to end the trading day at $1.23 after the company reported a Q1 loss of (-$6) million or (-$0.15) per share on $385,000 in revenues. The results met Wall Street expectations, according to Zacks Investment Research.
The news release also revealed several operational events that could have an impact on PSDV prices in the future. The company met with the U.S. Food and Drug administration (FDA) on their plans to file a New Drug Application (NDA) for Durasert later this year or early next year. pSivida also entered into collaboration agreements with two global pharmaceutical companies to develop sustained-release glaucoma drugs. Lastly, the company changed the terms of a royalty payment agreement to be based on net sales.
pSivida Corp. (NASDAQ:PSDV), headquartered in Watertown, MA, develops sustained release drug products for treating eye diseases. pSivida has developed three of only four FDA-approved sustained-release treatments for back-of-the-eye diseases.
pSivida CEO Comments
Nancy Lurker, President & CEO of pSivida Corp. (NASDAQ:PSDV) commented “We continued to build our operating momentum during the fiscal first quarter. We signed two collaboration agreements with leading pharmaceutical companies that illustrate our ability to leverage our proven drug release technology to generate non-dilutive financing. We have a number of milestones over the next few months, primarily the NDA filing for posterior segment uveitis, which we continue to expect to file in late December 2017 or early January 2018. We await the data from the Phase 1 knee osteoarthritis (OA) trial and continue pre-clinical work on our shorter-duration Durasert.”
PSDV Stock Performance
In 2017, two investment firms initiated coverage on PSDV shares with a “Buy” rating. Their consensus, one-year price target is $6.50. However,
In August of 2017, PSDV stock hit its 52-week low of $1.03. Shares are around 50% off their 52-week high of $2.45 hit two months earlier, in June.
For the year, shares of pSivida Corp. (NASDAQ:PSDV) are down 44%.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.