FDA Rejection Sends pSivida Shares Down 20.1% (PSDV)

Shares of pSivida Corp. PSDV are currently down 20.1% at $5.08 per share during Monday afternoon trading. pSivida Corporation reported after the market closed on Thursday that it received a Complete Response Letter (CRL) from the U.S. Food and Drug Administration (FDA) regarding its New Drug Application (NDA) for the company's Iluvien treatment, stating that the NDA cannot be approved in its present form. Today's trading range for shares of pSivida Corp. (PSDV) has been between $4.26 and $5.15 per share. The consensus price target of analysts covering the company's stock is $7.50 per share. Volume of 1.1 million shares is far above the daily average volume of 128,000 shares. pSivida Corporation is a world leader in the development of tiny drug delivery products that are administered by implantation, injection or insertion and provide sustained release of drugs on a controlled and level basis for months or years. Read more from Benzinga's Company news.