Oculis Holding AG (OCS) PT Raised to $30 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen raised the price target on Oculis Holding AG (NASDAQ: OCS) to $30.00 (from $28.00) while maintaining a Buy rating.

The analyst commented: "Yesterday, Oculis reported positive topline results from the Phase 2b RELIEF trial (NCT05896670) of OCS-02 (licaminlimab) in dry eye disease (DED). This multi-center, randomized, double-masked, vehicle-controlled trial also evaluated the efficacy and safety of licaminlimab in a prespecified subpopulation of subjects with a TNFR1-related genotype. A total of 122 patients were randomized 1:1 to receive either licaminlimab (n=62) or vehicle (n=60) three times a day (TID) for a 6-week treatment period and a 2-week follow up. A total of 23 patients carried a specific TNFR1 genetic biomarker. Patients were evaluated for multiple signs of DED at baseline, Day 15 and Day 43. Results showed that (1) For the trial population (n=122), treatment effect favoring licaminlimab was observed in multiple sign endpoints (including fluorescein staining in the total cornea, inferior corneal, central corneal and nasal conjunctival regions, and in the Schirmer’s test); (2) For the subpopulation of patients with the TNFR1 genetic biomarker (n=23), treatment effect favoring licaminlimab was observed in multiple sign endpoints; rapid and favorable treatment effect in favor of licaminlimab on corneal inflammation was observed as early as Day 15, and it was significant at Day 43, as measured by the difference in mean change from baseline vs. vehicle for inferior corneal fluorescein staining score (see data at the back of this report). Of note, licaminlimab was well tolerated. The incidence of ocular TEAEs in the study eye was 11.5% in the licaminlimab group and 10.2% in the vehicle group. We note that licaminlimab has met the symptom efficacy endpoint in a prior Phase 2 trial. The combined results could allow the company to advance licaminlimab into a Phase 3 program, in our view. We expect the company to have an end-of-Phase 2 meeting with the FDA in 2H24. In the wake of this update, we have increased the probability of approval for OCS-02 to 45% from 35%. Our current estimated market value of the firm is approximately $1.25B, of $30 per share. Therefore, we reiterate our Buy rating while raising the 12-month price target to $30 from $28 per share."

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