EyePoint Pharmaceuticals, Inc. (EYPT) PT Raised to $24 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the price target on EyePoint Pharmaceuticals, Inc. (NASDAQ: EYPT) to $24.00 (from $15.00) while maintaining a Buy rating.

The analyst commented, "On November 13, EyePoint Pharmaceuticals announced six-month interim data from the Phase 1 DAVIO trial of EYP-1901 in wet age-related macular degeneration (AMD) in a presentation at the American Academy of Ophthalmology (AAO) 2021 Meeting Retina Subspecialty Day in New Orleans, LA. The results showed that 76% and 53% of patients did not require rescue following a single dose of EYP-1901 up to four and six months, respectively, BCVA (-2.5 letters) and CST (-2.7 μm) were stable and sustained, and the treatment burden was reduced by 79% with a median time to rescue of six months across all patients. With respect to safety, six-month interim data showed no reports of ocular SAEs or drug-related systemic SAEs. There were no reported adverse events such as vitreous floaters, endophthalmitis, retinal detachment, implant migration in the anterior chamber, retinal vasculitis, or posterior segment inflammation. In our view, these data are very promising and compare favorably to other long-acting anti-VEGF agents. In the wake of this update, we have included EYP-1901 in our valuation with 30% probability of approval and potential market entry in 2026. Our estimated market value of the firm has increased to $683M from $436M. Assuming 28.8M shares outstanding at the end of 2022, this yields a value of approximately $24. Therefore, we reiterate our Buy rating while raising our 12-month price target to $24 from $15."

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