FDA Approves Obagi Medical's saypha® ChIQ™ Injectable Hyaluronic Acid Gel
WALD has more than doubled off its 52-week low of $0.72.
Summary
The FDA has approved Obagi Medical's new saypha® ChIQ™ injectable hyaluronic acid gel, expanding its aesthetic product portfolio. This regulatory milestone is positive for the Obagi brand. However, Waldencast recently announced the sale of its Obagi Medical business for up to $460 million, meaning the long-term financial benefits from this product's sales will primarily accrue to the new owner after the divestiture closes. The approval may reinforce the value of the divested asset.
At the time of this announcement, WALD was trading at $1.87 on NASDAQ in the Trade & Services sector, with a market capitalization of approximately $238.6M. The 52-week trading range was $0.72 to $3.22. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: GlobeNewswire.