Domo signs strategic collaboration agreement with AWS for AI solutions
On Tuesday, H.C. Wainwright reiterated its Buy rating on OKYO Pharma Ltd. (NASDAQ: OKYO) with a price target of $7.00, representing significant upside potential from the current trading price of $1.10. According to InvestingPro data, the company has a market capitalization of $37.3 million and maintains a beta of -3.37, indicating its stock typically moves contrary to broader market trends. The firm’s analyst, Yi Chen, provided insights into the company’s ongoing clinical developments. OKYO Pharma has recently announced that its Phase 2 trial of OK-101, aimed at treating neuropathic corneal pain (NCP), is on track to complete patient enrollment by the end of the second quarter of 2025, with expectations to report topline data in the fourth quarter of the same year.
The Phase 2a trial is a critical double-masked, randomized, placebo-controlled study that compares the efficacy of OK-101 to a placebo in patients diagnosed with NCP through confocal microscopy. While InvestingPro analysis shows the company is not yet profitable and operates with short-term obligations exceeding liquid assets, these characteristics are typical for clinical-stage biotech companies advancing novel therapeutics. The study design calls for approximately 48 subjects to be divided evenly across three groups to receive either 0.05% OK-101, 0.1% OK-101, or a placebo. Each treatment will be administered four times a day over a period of 12 weeks. The primary measure of success will be the improvement in pain as gauged by the Visual Analogue Scale (VAS), with results compared to the placebo group at the 16-week mark.
NCP is characterized by eye pain and sensitivity that can extend to the face or head, often linked to nerve damage in the cornea coupled with inflammation. Currently, there are no FDA-approved treatments specifically for NCP, leaving patients to rely on a variety of off-label topical and systemic therapies. OK-101 stands out as the first drug candidate for NCP that has received FDA Investigational New Drug (IND) clearance for clinical trials.
OK-101 has previously shown promising safety and tolerability profiles in a Phase 2 trial for dry eye disease (DED), along with statistically significant improvements in symptoms like stinging, burning, and ocular pain, which are also common in NCP. These results from the DED trial suggest that OK-101 could be an effective solution for reducing the pain associated with NCP. With these findings in mind, H.C. Wainwright has reaffirmed its positive outlook on OKYO Pharma’s stock, maintaining the $7 price target. InvestingPro subscribers have access to comprehensive financial health scores, detailed valuation metrics, and additional expert insights that can help evaluate the investment potential of clinical-stage biotech companies like OKYO Pharma. Discover more exclusive financial metrics and 6 additional ProTips by subscribing today.
In other recent news, OKYO Pharma Limited has been making notable strides in its operations. The company’s executives have increased their shareholdings, with CEO Gary S. Jacob acquiring 10,000 shares and Panetta Partners Limited, linked to Executive Chairman Gabriele Cerrone, purchasing 20,000 shares. This move indicates a strong belief in the company’s prospects.
The company has also reported progress in its clinical trials for the treatment of neuropathic corneal pain (NCP) and dry eye disease (DED). OKYO Pharma has completed a Phase 2 trial for DED patients and is currently conducting a Phase 2 trial for NCP treatment.
Moreover, OKYO Pharma has secured $1.4 million in non-dilutive funding. This financial boost is set to bolster the company’s research and development efforts, particularly its lead program, OK-101.
These recent developments reflect the company’s commitment to addressing the unmet needs of patients suffering from these debilitating eye diseases and its dedication to preserving shareholder value.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.