On Monday, EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT) saw its 12-month price target adjusted by H.C. Wainwright, with the new target set at $30.00, down from the previous $33.00. Despite this reduction, the firm maintained its Buy rating on the company's stock.
Last week, the company reported its first-quarter financial results for the year 2024. EyePoint Pharmaceuticals' total net revenue reached $11.7 million, which included product revenue of $0.7 million.
These figures surpassed the projected revenue of $11.0 million. However, the net loss for the quarter was reported at $29.3 million, or $0.55 per share, which was greater than the anticipated loss of $16.4 million.
The management of EyePoint Pharmaceuticals has indicated that the Phase 3 LUGANO trial of DURAVYU, also known as EYP-1901, for the treatment of wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)) is expected to commence in the second half of 2024. The company has recently concluded an end-of-Phase 2 meeting with the FDA, and updates regarding the discussion are anticipated in the upcoming weeks.
Additionally, the Phase 2 VERONA trial of DURAVYU, aimed at treating diabetic macular edema (DME), is slated to release topline data in the first quarter of 2025. H.C. Wainwright has estimated the market value of EyePoint Pharmaceuticals to be at $1.56 billion.
With an estimated 52.1 million shares outstanding by the end of the first quarter in 2025, this valuation leads to a price target of $30 per share. Consequently, the firm has reiterated its Buy rating while adjusting the price target accordingly.
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