H.C. Wainwright Reiterates Buy Rating on OKYO Pharma Ltd. (OKYO)

H.C. Wainwright analyst Yi Chen reiterated a Buy rating and $7.00 price target on OKYO Pharma Ltd. (NASDAQ: OKYO).

The analyst commented: "OKYO Pharma announced positive proof-of-concept data on July 16 from the Phase 2 trial of urcosimod for the treatment of neuropathic corneal pain (NCP). This double-masked, randomized, placebo-controlled study enrolled 18 patients at a single site (Tufts Medical Center in Boston, MA) and 17 patients have completed the study. Subjects were randomized in a 1:1:1 ratio to receive treatment with 0.05% urcosimod, or 0.1% urcosimod, or placebo four times daily for 12 weeks. The primary endpoint is change in mean pain scores from baseline (Visit 1, Day 0) to end of treatment (Visit 4, Day 84) as measured by a VAS score (on 0-10 scale where 0 is no pain and 10 is worst pain imaginable). Results showed that the 0.05% urcosimod group had a statistically significant reduction in mean pain scores of 5.5 (p=0.025), while the placebo group had a reduction in mean pain scores of 2.75 (p=0.035), thus demonstrating a delta of 2.75 between urcosimod and placebo following the 12-week treatment period. Of note, all the patients in the 0.05% urcosimod group had moderate to severe NCP pain scores, while 75% of placebo group patients had only mild NCP pain scores at baseline, indicating a worse baseline condition for the 0.05% urcosimod group. In addition, 67% of patients in the 0.05% urcosimod group demonstrated greater than 50% improvement in pain compared to 33% in the placebo group, and 0.05% urcosimod showed a marked reduction in pain scores as early as Week 4. In our view, the results are highly encouraging, considering that urcosimod is the first NCP drug candidate that has received FDA IND clearance for clinical evaluation. We reiterate our Buy rating and $7 price target."

For an analyst ratings summary and ratings history on OKYO Pharma Ltd. click here. For more ratings news on OKYO Pharma Ltd. click here.

Shares of OKYO Pharma Ltd. closed at $2.96 yesterday.

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