Aug. 14 at 6:09 PM
Mizuho⬆️
$EYPT's PT to
$28 from
$26 and reiterated at an Outperform rating.
$OCUL $REGN $SRZN $APLS ALPMY
Mizuho said:
$EYPT reported 2Q25 results last week, where highlights included the previously announced enrollment completion in the second P3 LUCIA study for Duravyu (a sustained release tyrosine kinase inhibitor/TKI product for wet AMD/wAMD) and, on 2Q results, lower OpEx.
As a result of our model changes, we increase our 12-month PT on
$EYPT to
$28 (vs.
$26).
Bigger picture, we continue to favor
$EYPT in the highly competitive wet AMD/wAMD space, given our view that EYPT:
(1) has a more robust set of P2 data to support the potential of Duravyu;
(2) has a more straightforward pivotal P3 clinical development program, one that is more representative of use in the real world; and
(3) finds itself in the pole position with respect to when the first TKI-based product for wAMD might get approved.
With valuation, in our view, still very attractive, we stay OP-rated.
