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FDA Approves Allergan's Ozurdex, Rejects Levadex

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The FDA on Monday approved Allergan's (NYSE: AGN) diabetic macular edema (DME) drug Ozurdex.

Allergan's drug Levadex, a migraine treatment, was rejected by the FDA.

Wells Fargo analyst Larry Biegelsen is projecting a positive outcome for Allergan with its latest stage in development. With few cases of inflammation in DARPin, Biegelsen views DARPin as a plus, in comparison with Roche's Lucentis having none. Wells Fargo has an Outperform rating on Allergan and a price target in the range of $182 to $183.

Leerink analyst Seamus Fernandez says additional delay to Levadex is “frustrating,” removing $30 million of sales from 2014 and raises concerns on long-term peak sales.

Shares of Allergan are down 2.2 percent.

Latest Ratings for AGN

DateFirmActionFromTo
Sep 2014ISI GroupInitiates Coverage onBuy
Aug 2014Leerink SwannUpgradesMarket PerformOutperform
Jul 2014UBSUpgradesNeutralBuy

View More Analyst Ratings for AGN
View the Latest Analyst Ratings

Posted-In: Larry Biegelsen Leerink Seamus Fernandez Wells FargoAnalyst Color News FDA Analyst Ratings

 

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