Oklo stock tumbles as Financial Times scrutinizes valuation
Investing.com - Mizuho has reiterated an Outperform rating and $28.00 price target on EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT), which has surged over 100% in the past six months, following three key announcements from the company earlier this week. According to InvestingPro data, the stock maintains a strong Buy consensus among analysts.
The pharmaceutical company announced the advancement of its lead asset Duravyu, currently in Phase 3 trials for wet AMD (age-related macular degeneration), into a pivotal Phase 3 program for diabetic macular edema (DME).
EyePoint also secured a new $150 million equity-based financing package that will fund the Phase 3 DME program and extend the company’s cash runway into 2027.
The company additionally released new supportive mechanistic data for vorolanib, the tyrosine kinase inhibitor that serves as the active ingredient in Duravyu.
Mizuho noted that the earlier-than-expected advancement of Duravyu into DME trials represents potential upside to their estimates, as DME was not yet factored into their model as a potential revenue contributor.
In other recent news, EyePoint Pharmaceuticals announced a public offering of 11 million shares of common stock priced at $12.00 per share, along with pre-funded warrants for an additional 1.5 million shares. The offering is expected to raise approximately $150 million in gross proceeds, with the transaction set to close soon, pending customary conditions. The company has also granted underwriters a 30-day option to purchase up to an additional $22.5 million in shares at the offering price. J.P. Morgan, Jefferies, Citigroup, and Guggenheim Securities are acting as joint book-running managers for this offering. In another development, EyePoint plans to initiate Phase 3 clinical trials for its DURAVYU treatment for diabetic macular edema, with trials named COMO and CAPRI expected to start patient dosing in early 2026. These trials will compare DURAVYU to the standard treatment aflibercept. Additionally, Mizuho has reiterated its Outperform rating for EyePoint, maintaining a $28.00 price target after reviewing a competitor’s investor day.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.