Feb. 20 at 1:39 PM
Needham⬇️
$OCUL's PT to
$18 from
$20, reiterated at Buy and said, OCUL shares have been under pressure following SOL-1 topline data (see 2/17/26 note for recap), despite meeting key endpts.
$REGN $EYPT $RHHBY KOD
$SRZN
Needham went on to say:
Weakness was driven by a narrower-than-expected efficacy gap (~18%Δ) on vision maintenance due to an Eylea outperformance, as well as incidents of (mostly minor) AEs.
SOL-1 results came short of investor expectations, but should still support FDA approval with a superiority label vs. Eylea with data supporting Q6M-Q12M dosing.
These are key differentiating attributes vs. current pdts and those in development that should facilitate wide usage of Axpaxli.
We view the recent valuation reset, which began prior to SOL-1 results, as overdone, and maintain our Buy rating and adjust our $ PT to
$18 (from
$20) to account for slightly lower Axpaxli peak sales.
