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On Thursday, H.C. Wainwright reaffirmed its Buy rating and $22.00 price target for EyePoint Pharmaceuticals, Inc. (NASDAQ:EYPT). This target represents significant upside potential, with analyst targets ranging from $18 to $68. According to InvestingPro data, the stock currently trades near $6.58, down about 74% over the past year. Following the release of the company’s financial results for the fourth quarter and full year of 2024, the firm’s analyst provided an assessment of the company’s performance and outlook.
EyePoint Pharmaceuticals reported fourth-quarter revenue of $11.6 million, which met the projections set by H.C. Wainwright. However, the net loss for the quarter was larger than anticipated, coming in at $41.4 million, or $0.64 per share, compared to the estimated $29.4 million. Over the full year, the company’s revenue reached $43.3 million, with a net loss of $130.9 million, or $2.32 per share. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 7.81, though it’s quickly burning through cash. Get detailed insights and 6 additional ProTips with an InvestingPro subscription.
The company’s management highlighted the progress of two Phase 3 trials of its DURAVYU treatment for wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)), named LUGANO and LUCIA. With the company’s overall financial health rated as ’FAIR’ by InvestingPro, these trials represent crucial milestones for future growth. Enrollment rates for both trials are surpassing expectations. LUGANO has already enrolled over 50% of its target patient population, and LUCIA’s recruitment is ahead of schedule. Completion of enrollment for both trials is anticipated in the second half of 2025, with topline results expected in 2026.
Each of the LUGANO and LUCIA trials is designed to enroll approximately 400 patients globally. These are randomized, double-masked, aflibercept-controlled, non-inferiority trials. Participants in the DURAVYU group are set to receive an intravitreal injection of the treatment every six months, while those in the control group will receive standard aflibercept injections every two months. The primary measure of success will be the mean change in best corrected visual acuity (BCVA) from the first day of randomization to a blended endpoint of Weeks 52 and 56, compared to the aflibercept control. Access comprehensive analysis and valuation metrics for EYPT and 1,400+ other stocks through InvestingPro’s detailed Research Reports.
EyePoint Pharmaceuticals’ management remains optimistic about the ongoing trials and the potential of DURAVYU. The affirmation of the Buy rating and price target by H.C. Wainwright reflects the firm’s confidence in the company’s prospects and the expected outcomes of the clinical trials.
In other recent news, EyePoint Pharmaceuticals reported its fourth-quarter 2024 financial results, highlighting a revenue beat and an earnings per share (EPS) miss. The company achieved a net revenue of $11.6 million, surpassing the forecast of $10.61 million, while the EPS of -$0.64 fell short of the expected -$0.50. EyePoint ended 2024 with a total net revenue of $43.3 million, slightly down from $46 million in 2023. Despite the EPS miss, the company extended its cash reserves to 2027, reducing financial uncertainty. EyePoint also announced advancements in its DuraView program and trial results, which are expected to support future growth. The company has no plans to access equity markets in 2025, supported by its extended cash runway. Additionally, EyePoint anticipates completing enrollment for its Phase III wet AMD trials in the second half of 2025, with top-line data expected in 2026.
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