William Blair initiated coverage on Eyenovia Inc EYEN, a biopharma company focused on developing therapies based on its Optejet device, which leverages a microdose array print (MAP) technology that allows consistent, reproducible dosing of ophthalmic drugs.
Analysts Tim Lugo, Lachlan Hanbury-Brown, and John Boyle have initiated an Outperform rating, with an estimated fair value for shares of $3.
The fair value is based on a risk-adjusted net present value (NPV) for MydCombi, APP13007, and the company's clinical-stage pipeline of two additional assets using the Optejet technology as well as royalties and milestones from U.S. and ex-U.S. partnerships.
The company recently received approval for MydCombi, which will be marketed to the eye care market for the common eye procedure of pupil dilation (mydriasis).
The analysts anticipate this market initially to be limited for Eyenovia. However, the approval validates the Optejet drug device.
In addition to MydCombi, Eyenovia is actively advancing treatments for progressive myopia in children presbyopia and has recently acquired the U.S. rights to APP13007, a potent topical steroid intended for post-ocular surgery use, currently undergoing FDA review with a PDUFA date set for March 4, 2024.
William Blair notes Eyenovia's product pipeline portfolio and says it presents a noteworthy opportunity for strategic partnerships with major players in the eye care industry.
These collaborations can help develop solutions for glaucoma, dry eye disease, and post-operative therapies following cataract surgery.
In the U.S., these expansive markets collectively cater to approximately 40 million patients, making them a significant focus for Eyenovia's growth and impact.
In the coming year, William Blair anticipates Eyenovia's expansion of manufacturing operations in Redwood City, which is expected to pave the way for achieving profitability with the Optejet platform and the advancement of next-generation device development.
https://www.benzinga.com/general/biotech/23/11/35543533/eyenovias-stock-is-soaring-today-heres-why
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.