UPDATE: MLV & Co Initiates Coverage On pSivida On Multiple Positive Factors

In a report published Monday, MLV & Co analyst Graig C. Suvannavejh initiated coverage on
pSivida Corp.
with a Buy rating and $6.00 price target. In the report, MLV & Co noted, “We're attending ARVO (the annual mtg for retinal specialists), and live from Orlando, we initiate on PSDV at a Buy/$6 PT (64% upside). PSDV is a leader in sustained release (SR) delivery for eye diseases, with a major near-term catalyst this Sept. in a potential US approval for Iluvien (a partnered product for diabetic macular edema/DME). If approved, we see $1.50 of stock upside. But we think it's Medidur (now in P3 for uveitis) that's the real opp'y; if approved (we model a US launch in '17), we see Medidur as transformational for PSDV's P&L as it's 100%-owned. We're also excited about PSDV's Tethadur platform (SR delivery of biologics). "Though early stage, we expect visibility on Tethadur to increase shortly, and should work being done by PSDV on behalf of a large pharma result in a partnership, we could envision investor interest (and M&A speculation) rising.” pSivida closed on Friday at $3.65.

Posted In: Graig C. SuvannavejhMLV & CoAnalyst ColorInitiationAnalyst Ratings

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