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Investing.com - H.C. Wainwright has reiterated a Buy rating and $7.00 price target on OKYO Pharma Ltd. (NASDAQ:OKYO), representing a 136% upside from the current price of $2.96, following positive Phase 2 trial results for its neuropathic corneal pain (NCP) treatment. The clinical-stage biotech company, with a market capitalization of $110.78 million, has seen its stock surge 157% year-to-date.
The company announced on July 16 that its drug candidate urcosimod demonstrated positive proof-of-concept data in the treatment of NCP. The double-masked, randomized, placebo-controlled study enrolled 18 patients at Tufts Medical (TASE:BLWV) Center in Boston, with 17 completing the full trial.
Patients were randomized to receive either 0.05% urcosimod, 0.1% urcosimod, or placebo four times daily for 12 weeks. The primary endpoint measured change in mean pain scores from baseline to end of treatment using a VAS score scale of 0-10.
Results showed the 0.05% urcosimod group achieved a statistically significant reduction in mean pain scores of 5.5 (p=0.025), compared to 2.75 (p=0.035) in the placebo group, demonstrating a delta of 2.75 between treatment and placebo over the 12-week period. Additionally, 67% of patients in the 0.05% urcosimod group showed greater than 50% improvement in pain versus 33% in the placebo group.
H.C. Wainwright noted the results are particularly encouraging as urcosimod is the first NCP drug candidate to receive FDA IND clearance for clinical evaluation, with the 0.05% dosage showing marked pain reduction as early as Week 4 of treatment. The company’s next earnings report is scheduled for August 5, 2025.
In other recent news, OKYO Pharma Ltd announced positive top-line results from its Phase 2 clinical trial of urcosimod, a treatment for neuropathic corneal pain (NCP). The trial, involving 18 patients, demonstrated that 75% of those receiving 0.05% urcosimod experienced more than an 80% reduction in pain after 12 weeks. The study showed a statistically significant reduction in mean pain scores, with the treatment group seeing a mean reduction of 5.5 compared to 2.75 in the placebo group. Following these promising results, OKYO Pharma plans to meet with the FDA to discuss further steps for urcosimod, which has already received Fast Track designation. The FDA’s Fast Track status aims to expedite the review process for drugs addressing serious conditions with unmet medical needs. Additionally, OKYO Pharma completed the Phase 2 trial earlier than planned to analyze the data sooner and accelerate the drug’s development. Some trial participants have requested continued access to urcosimod under compassionate use, which the company is arranging with Tufts Medical Center. The company is considering a larger multicenter trial for urcosimod as part of its ongoing development efforts.
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