Summary

  • Eyenovia bagged an ‘outperform’ rating from Wiliam Blair as the broker expects increased ophthalmic therapy deliveries for the company.
  • As per William Blair, the effectiveness of EYEN’s Optejet drug-device paves the way for the development of additional therapies on this platform.
  • EYEN stock price rose by 12.3% after receiving this rating from William Blair.

Drugmaker Eyenovia Inc. (NASDAQ: EYEN) received an ‘outperform’ rating from William Blair. The broker anticipates improved delivery of ophthalmic therapies.

EYEN has a mean recommendation rating of 1.5 on five, as per data available on EODHD/Others. Here, one represents a ‘strong buy’ rating and five represents a ‘strong sell' rating. Meanwhile, the consensus mean price target on EYEN is US$11.67, a potential upside of a massive 727% over EYEN’s closing price on Wednesday.

The stock price rose 12.3% on November 1, 2023, after it received the rating from William Blair. On Wednesday, November 1, 2023, EYEN closed at US$1.41, an intraday rise of 21.55%.

EYEN Price Chart; Source: EODHD/Others

On a YTD basis, EYEN was almost 13.5% lower at Wednesday’s close. The stock recently hit its 52-week low of US$1.05 on October 27, 2023.

The company has also received a ‘buy’ rating from brokers Brookline Capital and H.C. Wainwright. On October 17, Brookline gave EYEN a price target of US$8, an upside potential of over 450% on Wednesday’s closing price.

MydCombi approval to enable further development of pipeline therapies

EYEN is actively working on treatments utilizing its Optejet device, which ensures precise and repeatable administration of eye medications. In May, the company received approval for its MydCombi spray, designed to dilate pupils.

Although the market potential may initially seem limited according to the brokerage, this approval confirms the effectiveness of the Optejet drug-device and paves the way for the development of additional therapies on this platform.

Furthermore, EYEN has recently obtained the rights for APP13007 from Formosa Pharmaceuticals in Taiwan. This topical steroid is used post ocular surgery and is currently under FDA evaluation, with an expected decision date of March 4.

The brokerage also envisions substantial collaboration opportunities for EYEN with prominent players in the eye care industry who are seeking innovative treatments for conditions like glaucoma, dry eye disease, and post-cataract surgery therapies.

Eyenovia’s financials for Q2 2023

In Q2 2023, the company reported a net loss of roughly US$6.2 million, equivalent to US$0.16 per share. This contrasts with a net loss of approximately US$7.2 million, or US$0.22 per share, in Q2 2022.

Research and development costs amounted to about US$2.8 million in the second quarter of 2023, down from US$3.6 million in the same period of 2022. General and administrative expenses for Q2 2023 were approximately US$3.1 million, a decrease from the US$3.5 million incurred in Q2 2022. In total, the operating expenses for the second quarter of 2023 were approximately US$6.0 million, while in the second quarter of 2022, they were US$7.1 million.

As of June 30, 2023, the company had approximately US$17.5 million in cash and cash equivalents, a decrease from the US$22.9 million reported as of December 31, 2022.

The company has disclosed the initial commercial transaction of Mydcombi to Dr. Nathan M. Radcliffe, a globally recognized and certified ophthalmologist. Dr. Radcliffe is the first to integrate Mydcombi into his daily clinical practice. The company plans to continue making sales to influential physicians in the coming weeks and is gearing up for a nationwide launch in early 2024.

It has been announced that the company has signed a Securities Purchase Agreement with a prominent healthcare investor for a transaction involving 4,198,633 shares of its common stock, pre-funded warrants that allow the purchase of up to 2,252,979 common stock shares and warrants that enable the acquisition of up to 4,838,709 common stock shares.