Last week, we reported that shares of pSivida Corp. (NASDAQ:PSDV) had skyrocketed after the company reported positive Phase 3 results. Today comes some more good news from the company specilizing in sustained released, drug delivery products for the treatment of eye diseases, which has caused the stock to soar even more.
pSivida Corp. (NASDAQ:PSDV) has announced that they plan to file for EU marketing approval of their Medidur drug, which has shown great results in their recent Phase 3 trials. The drug, which is used to treat chronic non-infectious uveitis of the eye, could conceivably make the company quite valuable in and of itself.
“We are delighted with this advice provided by the MHRA. We expect the high statistical significance of the efficacy data, clinical benefits and positive safety data in our first trial will meet the criteria used by MHRA and other EU regulatory authorities to approve a product on the basis of a single pivotal study,” said Paul Ashton, president and CEO of pSivida Corp. “Using data from a single clinical trial would significantly accelerate our filing for EU marketing approval for Medidur. As posterior uveitis affects a similar number of people in the EU and the U.S., accelerated approval in the important EU market would be very beneficial to us.”
The stock is up 7.55% or $0.33 following the news, hitting $4.7 per share. About 514,598 shares traded hands. PSDV has risen 8.98% since May 22, 2015 and is uptrending. It has outperformed the S&P500 by 11.24%.
The institutional sentiment increased to 1.38 in Q2 2015. It’s up 0.31, from 1.07 in 2015Q2. The ratio increased, 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 $133.97 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 .