Analyst Scott Henry maintained a Buy rating with a $15 price target based in part on two pivotal trials the ophthalmic biopharmaceutical company is prepared to start in the second half of 2019, as well as the company’s planned submission of a new drug application for MicroStat in 2020.
In its earnings report, Eyenovia said the two studies are on track. The MicroProst Phase 3 program will study the treatment of chronic angle closure glaucoma, open angle glaucoma, and ocular hypertension. The study is expected to start in the fourth quarter.
The MicroPine Phase 3 study will be aimed at reducing the progression of myopia in children, and is slated to begin in the third quarter.
“We kicked off 2019 with a number of successes that further validate our novel approach in ophthalmology that we believe will help us advance multiple programs towards Phase 3 initiations this year,” said Eyenovia CEO Sean Ianchulev in a statement.
Eyenovia, based in New York City, reported that it ended the quarter with about $14.3 million in cash and cash equivalents. The company also recorded a net loss of about $5.9 million, or $0.50 per share, compared to a loss $3.4 million, or $0.45 per share, in the first quarter of 2018.
Henry wrote that the net loss was slightly off his $0.49 target, and “fundamentally, we found the quarter as expected.”
Shares recently traded up 2.5% to $5.12 a piece.
Roth makes a market in shares of Eyenovia, and as such, buys and sells from customers on a principal basis.
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