EyePoint price target lowered to $28 from $39 at Chardan

Chardan analyst Daniil Gataulin lowered the firm’s price target on EyePoint to $28 from $39 and keeps a Buy rating on the shares after the company reported the Phase 2 PAVIA study of Duravyu in patients with moderately-severe to severe non-proliferative diabetic retinopathy, or NPDR, did not meet the primary endpoint. Given the failed Phase 2 study, the firm removed NPDR from its model, but it does not think the NPDR data have a read-through to the wet AMD program, which it believes is de-risked given the data from EyePoint as well as competitors’ programs. The firm, therefore, contends the dip in the stock price represents a buying opportunity as the wet AMD indication alone is valued at about $20 per share in its model, the analyst tells investors.