FDA Approves Allergan's Ozurdex, Rejects Levadex

The FDA on Monday approved Allergan's (NYSE: AGN) diabetic macular edema (DME) drug Ozurdex.

Allergan's drug Levadex, a migraine treatment, was rejected by the FDA.

Wells Fargo analyst Larry Biegelsen is projecting a positive outcome for Allergan with its latest stage in development. With few cases of inflammation in DARPin, Biegelsen views DARPin as a plus, in comparison with Roche's Lucentis having none. Wells Fargo has an Outperform rating on Allergan and a price target in the range of $182 to $183.

Leerink analyst Seamus Fernandez says additional delay to Levadex is “frustrating,” removing $30 million of sales from 2014 and raises concerns on long-term peak sales.

Shares of Allergan are down 2.2 percent.