Quantcast

Valeant Pharmaceuticals Intl Inc Shares Sink on Psoriasis Treatment Rejection by FDA


Shutterstock photo

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Valeant Pharmaceuticals Intl Inc (NYSE: VRX ) stock took a hit on Monday after the U.S. Food and Drug Administration (FDA) rejected its psoriasis treatment.

Valeant Pharmaceuticals Intl Inc Shares Sink on Psoriasis Treatment Rejection by FDA The Valeant Pharmaceuticals Intl Inc treatment that was rejected by the FDA is DUOBRII. This is a lotion made by the company's Ortho Dermatologics division to treat plaque psoriasis. The Complete Response Letter (CRL) from the FDA rejects VRX's New Drug Application for the treatment.

Here's what Joseph Papa, Chairman and CEO of Valeant Pharmaceuticals Intl Inc, has to say about the rejection.

"The CRL did not specify any deficiencies related to the clinical efficacy or safety of DUOBRII and no issues with CMC processes. The CRL only noted questions regarding pharmacokinetic data. We are working to resolve this matter expeditiously and have already requested a meeting with the FDA. We hope to bring forward this important new treatment option for those who suffer from plaque psoriasis as quickly as possible."

Despite the rejection from the FDA for DUOBRII, some still see hope for the stock. This includes Mizuho analyst Irina Rivkind Koffler. She reiterated a "Buy" rating and price target of $27 for VRX stock today. The analysts also says that the setback won't harm the company's long-term earnings if it can quickly address the FDA's concerns about the new drug, reports  Smarter Analyst .

VRX stock was down 7% as of noon Monday, but the stock is still up 22% year-to-date.

More From InvestorPlace

As of this writing, William White did not hold a position in any of the aforementioned securities.

Compare Brokers

The post Valeant Pharmaceuticals Intl Inc Shares Sink on Psoriasis Treatment Rejection by FDA appeared first on InvestorPlace .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: Investing , Stocks
Referenced Symbols: CRL ,



More from InvestorPlace Media

Subscribe






InvestorPlace Media
Contributor:

InvestorPlace Media

Investing, Financial News










Research Brokers before you trade

Want to trade FX?