- HC Wainwright Matthew Caufield initiated coverage on Eyenovia Inc (NASDAQ:EYEN), focused on developing ophthalmic therapeutics based on the company’s microdose array print (MAP) platform and the Optejet spray device for optimizing topical corneal drug delivery.
- The analyst initiated coverage with a Buy rating and a $12 price target.
- The analyst notes that Optejet spray provides high precision micro-dosing and has been characterized to have greater than an 85% success rate for ocular topical delivery compared to the 40-50% for traditional eyedroppers, along with instantaneous corneal surface coating that surpasses the ocular blink reflex.
- Furthermore, Optejet’s volumetric control delivers approximately 8uL, comparable to the noted physiologic capacity of the tear film. In contrast, standard eye drops deliver upwards of 30-50uL, coinciding with prospective overdosing.
- HC Wainwright notes that the ophthalmic spray pipeline comprises:
- MicroLine pilocarpine for presbyopia, or age-related farsightedness, commonly treated with reading glasses.
- MydCombi fixed combination tropicamide 1% and phenylephrine 2.5% for pharmacologic mydriasis or induced eye dilation for comprehensive eye exams and cataract surgery.
- MicroPine atropine for the reduction of pediatric myopia progression, or nearsightedness, in children ages 3 to 12 years old.
- Price Action: EYEN shares are up 11.63% at $2.40 on the last check Wednesday.
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Technical analysis of trading instruments can be made very complicated and confusing. The co-hosts attempt to filter through all the jargon on the PreMarket Prep show.
This is accomplished by focusing on the basic tenets of technical analysis: support, resistance and an issue's closing price.
