Analyst Tazeen Ahmad of Bank of America Securities reiterated a Buy rating on Ocular Therapeutix, with a price target of $18.00.
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Tazeen Ahmad has given his Buy rating due to a combination of factors surrounding Ocular Therapeutix’s strategic advancements and clinical trial designs. The company recently unveiled its diabetic retinopathy clinical strategy, which includes the HELIOS-2 and HELIOS-3 trials targeting a broad label in non-proliferative diabetic retinopathy (NPDR) and diabetic macular edema (DME). These trials are designed to compare the efficacy of Axpaxli against ranibizumab, with a focus on achieving a superiority label and broadening the treatment’s applicability.
Furthermore, the use of ordinal DRSS as a novel endpoint in these trials is seen as a positive development, allowing for smaller and faster trials with reduced clinical risk. This approach enables the inclusion of all patient data, streamlining the process to reach statistical power. Additionally, the large potential market opportunity, given the low current treatment rates among the approximately 6.5 million US NPDR patients, supports the Buy rating. The potential for a 6- to 12-month treatment option addresses the logistical challenges faced by both patients and specialists, further enhancing the stock’s attractiveness.
According to TipRanks, Ahmad is an analyst with an average return of -2.2% and a 49.59% success rate. Ahmad covers the Healthcare sector, focusing on stocks such as Ascendis Pharma, Sarepta Therapeutics, and PTC Therapeutics.
In another report released yesterday, Piper Sandler also maintained a Buy rating on the stock with a $21.00 price target.