Guggenheim would be ‘aggressive buyers’ of EyePoint amid weakness

Guggenheim notes that EyePoint shares are down 43% today following news that the Phase 2 PAVIA study of Duravue in nonproliferative diabetic retinopathy, or NPDR, did not meet the primary endpoint. However, while the firm was “a bit surprised by the lack of efficacy shown on the primary endpoint and the minimal effect demonstrated on the secondary endpoints,” the company doesn’t believe, and “we agree,” that these data have any impact on the wAMD program, for which Duravue is being tested as a maintenance therapy, the analyst tells investors. Given that the company says it is “full steam ahead” in wAMD and is fully funded for the planned pivotal program slated to begin later this year, the firm believes the weakness is “unwarranted” would be “aggressive buyers of EYPT shares at these levels,” says the analyst, who has a Buy rating and $68 price target on the shares.