Okyo Pharma initiated with an Overweight at Piper Sandler

Piper Sandler analyst Biren Amin initiated coverage of Okyo Pharma (OKYO) with an Overweight rating and $7 price target The firm is positive on the company’s lead asset, urcosimod, for the treatment of neuropathic corneal pain associated with either post-ocular surgery or dry eye disease. The Phase 2 data in both indications demonstrated a “meaningful” efficacy signal on pain endpoints while maintaining a “clean” safety profile, the analyst tells investors in a research note. Piper is “encouraged” by early data, saying the unmet need in neuropathic corneal pain is high as there are currently no approved treatments.