Citi Maintains Buy on Alimera Sciences (ALIM)

Citi is out with its report today on Alimera Sciences ALIM, maintaining Buy, with a $12 PT. In its note to clients, Citi writes, "On Thursday (2/3) after the close, ALIM presented 36-month followup data from its FAME trial studying Iluvien for DME (diabetic macular edema). This data is part of a re-filing with data from the 24 to 36 month time period related to the FDA's December CRL, where it did not approve the Iluvien NDA. The data on Thursday were positive and demonstrated that Trial A and B each maintained statistically significant improvement over placebo out to 33 months (p=0.042 and p=0.046, respectively) and therapeutic effect out to 36 months (see Fig. 1). We believe this data supports Iluvien's 4Q11 approval and 1Q12 launch. Our $12 price target is based on a EV/Sales multiple of 2.0x on our 2013E sales of $270 million discounted back two years at 25%." Shares of ALIM are trading pre-market at $9.85, down 2.86% from Thursday's close.