pSivida Corp. (NASDAQ:PSDV) Stock Soars 55% in Pre-market After Positive Phase 3 Results

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Shares of pSivida Corp. (NASDAQ:PSDV) are up around 55% in pre-market trading this morning, after the company announced positive results in their Phase 3 clinical trial for Medidur, a drug developed to help tread posterior uveitis of the eye. Over 1 million shares have traded hands — almost twenty times the average daily volume — in the pre-market, and the stock is up $2.10 to $5.80 a share.

pSivida Corp.’s (NASDAQ:PSDV) Phase 3 trial was tested on 129 randomized, double-blinded cases. The drug proved to be very effective in prohibitting the recurrence of posterior uveitis, as only 18.4% of the Medidur-treated eyes experienced recurrence, compared to 78.6% of the control group. Additonally 23% of the treated patients saw improvement, while only 4.9% of the control group did.

The stock closed at $3.7 during the last trading session. It is down 9.76% since May 19, 2015 and is downtrending. It has underperformed the S&P500 by 7.49%.

The institutional sentiment increased to 1.38 in Q2 2015. It’s up 0.31, from 1.07 in 2015Q2. The ratio is positive, as 4 funds sold all their pSivida Corp. shares they owned while 9 reduced their positions. 6 funds bought stakes while 12 increased their total positions. Institutions now own 5.78 million shares which is 9.92% more than the previous share count of 5.26 million in 2015Q2.

North Run Capital Lp holds 0.77% of its total portfolio in pSivida Corp., equating to 2.14 million shares. Bard Associates Inc owns 72,809 shares representing 0.15% of their total US portfolio. Moreover, Deerfield Management Co has 0.14% of their total portfolio invested in the company, equating to 972,110 shares. The New Jersey-based Condor Capital Management has a total of 0.04% of their portfolio invested in the stock. Finemark National Bank & Trust, a Florida-based fund reported 71,800 shares owned.

pSivida Corp. is a biotechnology company, which is engaged in the development of sustained-release drug-delivery products for treating eye diseases. The company has a market cap of $108.55 million. The Firm offers products for treatment of back-of-the-eye diseases. It currently has negative earnings. The Company’s lead development product, Medidur is used for posterior of the eye .

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