Mar. 9 at 1:14 PM
Mizuho
$EYPT OP
$36
$OCUL $REGN RHHBY KOD
$SRZN $FDMT
Mizuho said—EYPT reported 4Q results last week, with progress continuing for lead asset Duravyu, with
(1) top-line P3 study data in wet AMD/wAMD still expected beginning in mid-2026, and
(2) first patient dosing achieved in both P3 studies in diabetic macular edema/DME (with readouts expected in 2H27)
That said, given recent reporting of first P3 data for competitor Ocular Therapeutix' (OCUL, NC) Axpaxli, investor debates remain highly active regarding potential differentiation between the two assets, and not surprisingly, this was the main focus on EYPT's 4Q call
With this in mind, seeing
(1) differentiated/improved efficacy and safety,
(2) a better P3 trial design, and
(3) a more straightforward path to approval and commercial uptake, we continue to believe Duravyu is better-positioned to become the best-in-class TKI-based maintenance therapy for wAMD
As such, we stay Outperform-rated on EYPT, and view recent weakness as a buying opportunity
