Navidea price target raised to $5 from $3 at JMP Securities JMP Securities increased its price target on Navidea after the company reported higher than expected Q2 Lymphoseek sales and operating income. The firm thinks the company has a number of significant growth drivers and keeps an Outperform rating on the shares.
Navidea announces FDA sNDA approval for Lymphoseek extended use Navidea Biopharmaceuticals announced that the U.S. Food and Drug Administration has approved the Supplemental New Drug Application for the expanded use of Lymphoseek injection for lymphatic mapping in solid tumors and adding Sentinel Lymph Node detection for breast cancer and melanoma to the approved indications. The FDA also allowed expanded utilization of Lymphoseek with or without scintigraphic imaging to enable pre-operative imaging and mapping of lymph nodes to facilitate node localization during surgical procedures. Lymphoseek will be immediately available using existing reimbursement codes for this expanded population of cancer patients. In the approval action letter, the FDA also outlined a post-marketing requirement for initiation of a pediatric study in solid tumor cancer with a target date for submission in 2018.