Eyenovia rises as H.C. Wainwright initiates coverage with 'buy'

HC

05/10/2022 14:11

** Eye drug developer Eyenovia Inc's shares  EYEN.O  rise
8.8% to $2.34 in premarket trade as H.C Wainwright initiates
coverage with "buy" and a $12 PT
    ** Brokerage highlights co's Optejet drug delivery spray has
a greater success rate vs traditional eyedroppers
    ** Brokerage is also optimistic about EYEN's pipeline; says
its MicroLine therapy program for presbyopia - an age-related
condition affecting vision - is derisked and supported by FDA
approval for AbbVie's  ABBV.N  drug Vuity which uses the same
drug component
    ** Brokerage believes there is opportunity to buy stock as
shares have been trading down since the FDA declined to approve
co's therapy, MydCombi, to treat pupil dilation last year
    ** All four brokerages covering EYEN rate the stock "buy" or
higher; their median PT is $15 - Refinitiv data
    ** Up to Tuesday's close, stock had fallen 46.2% so far this
year, compared with a 28.5% decline in the NYSE composite index
 .IXIC 
 (Reporting by Shristi  Achar A)
 ((Shristi.AcharA@thomsonreuters.com;))