RBC Capital initiated coverage of EyePoint (EYPT) with an Outperform rating and $28 price target The firm thinks the company’s wet age-related macular degeneration pivotal trials are likely to succeed as prior the Phase II is “de-risking” and non-inferiority studies have a high 78% probability of success. With the $10b wet AMD landscape already heading towards longer-acting, EyePoint is poised to further advance this trend and capture 8% market share, the analyst tells investors in a research note. Despite the recent 50% share rally since Phase III enrollment completion, RBC still sees EyePoint shares as undervalued with a $300M enterprise value.
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