Mizuho remains bullish on EyePoint as competitor makes move for ‘Pole Position’

Mizuho analyst Graig Suvannavejh notes that Ocular Therapeutix (OCUL) recently announced its intent to accelerate the approval timeline for its sustained-release tyrosine kinase inhibitor/TKI, Axpaxli, by submitting an NDA off its Phase 3 SOL-1 study. For EyePoint (EYPT), with its first Phase 3 LUGANO data for Duravyu expected in mid-2026, this potentially positions an Axpaxli approval ahead of that for Duravyu, in a scenario the firm previously haven’t assumed. That said, in Mizuho’s view, even if Ocular’s more aggressive regulatory approach succeeds, the firm sees a number of issues for the company and its Axpaxli. With this in mind, and its greater comfort in EyePoint’s more thorough Phase 3 approach for Duravyu, along with the strength of the prior Phase 2 Duravyu data, the firm sees minimal read-throughs for EyePoint and remains Outperform-rated on the stock.