Presbia PLC (NASDAQ:LENS) has been an active mover during the trading session today. At the time of writing, the stock is at $5.85, which puts it up $3.26 from its previous close of $2.59. The current bid is $5.97, and the asking price is $6.14. The stock is hovering in the $5 range but has breached $6, with $6.18 being the highest amount observed during the time of writing.
Presbia is an ophthalmic device company producing optical lens implants that treat presbyopia, an eye condition that causes the inability to focus on near objects as a person ages. The company’s current market cap is $101.88 million.
Presbia stock has a consensus rating of 1.50, which means that most analysts looking at Presbia stock are saying that it’s a Buy and that the stock is looking strong at the moment. This rating ranges between 1-5, with 1 and 2 representing a Buy rating, 3 representing a Hold rating, and 4 and 5 representing a Sell rating.
The stock for Presbia has been on the downtrend this past year, though. It has declined $35.88% since December 19, 2016. The question becomes, then, is this move a prediction for the future of the stock, or is it an anomaly? The answer to that will depend largely on the factors which are causing this current move in the stock.
On December 14 of this year, Presbia announced that it had gone through a management change and has re-prioritized its resources towards attaining FDA approval and continuing its ongoing clinical and commercial efforts in both Germany and South Korea. This has helped the company to reduce its money spent on pre-FDA approval marketing, engineering, and manufacturing expenses.
Presbia also received an investment proposal from Orchard Capital Corporation to invest as much as $5 million in Presbia’s preferred shares. This investment, along with the reduction in expenses, will fund everything that Presbia is working on all through 2018.
These announcements may not be active players in the current move on Presbia’s stock, but they do indicate that the company is looking towards the future and is preparing adequately for it.
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