Citi initiated coverage of EyePoint (EYPT) with a Buy rating and $33 price target. The firm expects both EyePoint and competitor Ocular Therapeutix (OCUL) to capture meaningful share in wet age-related macular degeneration, but also expects one player to eventually dominate. Citi’s real-time field checks suggest efficacy data “skew strongly” to EyePoint. It believes the company can conservatively take 40% peak share in wet AMD, which should drive a multi-billion U.S. opportunity.
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