EyePoint falls after experimental drug misses goal, brokerages cut ratings
EYPT•Experimental drug misses main trial goal
- Shares of drug developer EyePoint
EYPT.Ofell nearly 2.5% to $4.75 in premarket trading. - J.P. Morgan downgraded the stock to "neutral" from "overweight," while RBC Capital Markets cut it to "sector perform" from "outperform" and slashed its price target to $5 from $37.
- EyePoint said its experimental drug to treat wet age-related macular degeneration missed its main goal in a late-stage trial as a few patients lost vision from causes unrelated to the targeted disease.
- RBC pointed to concerns regarding the drug's vision-safety profile and potential FDA approval.
- "There was a broad expectation that the trial would meet non-inferiority in the overall data set, so this outcome came as a surprise" - J.P. Morgan.
- Thirteen analysts rate the stock "buy" on average, with a median price target of $39, according to LSEG-compiled data.
- Year to date, up to the last close, the stock was down 73%.
