Analysts start Eyenovia at buy

Analysts for Ladenburg Thalmann and Roth Capital Partners initiated coverage of Eyenovia (NASDAQ:EYEN) with “buy” ratings and price targets of $35 and $20, respectively. The stock closed at $9 on Feb. 16.

Eyenovia focuses on the development of ophthalmology products utilizing its proprietary piezo-print technology to deliver micro doses topically to the eye.

The company’s lead program, MicroProst for the treatment of CACG, is currently on track to enter Phase 3 development by the first quarter of 2019.

“We are encouraged by the strong efficacy results observed with standard latanoprost and by the overall design of the MicroProst Phase 3 program, and we believe they bode well for a positive outcome of the trials, and we look forward to the readout of the top-line data from this trial expected in 2020,” writes Matthew Kaplan of Ladenburg.

“We believe the program is on track for an NDA filing by 2020 with approval and launch expected in 2021,” he added.

Scott Henry of Roth said MicroProst appears approveable. “Prior clinical data indicates the ability of latanoprost to treat CACG (lowers IOP) and the company has demonstrated the ability to deliver the correct ratio of drug with its piezo device (for mydriasis). We are optimistic that this prior data will be indicative of positive Phase 3 results for MicroProst.”

 Mr. Henry said Piezo is a platform technology and Eyenovia has other compounds already in development, including MicroStat for mydriasis (pupil dilation); MicroTears for dry eye; and MicroPine for myopia.