Analyst Yi Chen from H.C. Wainwright reiterated a Buy rating on OKYO Pharma Limited Sponsored ADR (OKYO – Research Report) and keeping the price target at $7.00.
Yi Chen’s rating is based on the promising developments in OKYO Pharma’s clinical program for urcosimod, a treatment for neuropathic corneal pain (NCP). The company has expedited the clinical development by closing the Phase 2 trial early, with 17 patients having completed the study. Initial data analysis is expected to be completed within six weeks, and there are indications of significant efficacy from the masked data. This could potentially lead to an expansion of the development program and advancement into a multicenter trial after discussions with the FDA.
Furthermore, the interest from patients for continued compassionate use of urcosimod and the favorable safety profile demonstrated in a previous Phase 2 trial for dry eye disease strengthen the case for the drug’s potential. The application for Fast Track designation with the FDA, if granted, would facilitate more frequent interactions with the agency and expedite the development process. These factors contribute to Yi Chen’s Buy rating and the $7 price target for OKYO Pharma.