EyePoint initiated with a Buy at Jefferies

Jefferies initiated coverage of EyePoint Pharmaceuticals with a Buy rating and $15 price target. EyePoint is a clinical stage biotechnology company with a sustained release TKI product, Duravyu, in Phase 3 for wet age-related macular degeneration, the analyst tells investors in a research note. The firm says Duravyu may be able to improve wet AMD treatment interval to once every six months as maintenance therapy. While a competitor TKI is “neck-and-neck” with Duravyu, EyePoint is undervalued on a relative basis and recent ophthalmology approvals “show a rising tide floats all boats,” contends Jefferies.