Feb. 2 at 2:37 PM
Mizuho reiterated
$EYPT Outperform; PT
$33; Top Pick
$OCUL $XBI $FDMT REGN
$SRZN KOD
Mizuho said in its note:
YTD, EYPT shares have been surprisingly weak (-24% vs. -2% XBI), on no change in fundamentals, but also in line with Ocular Therapeutix (OCUL, NC), its main competitor, which YTD is - 25%.
We remind that top-line data from OCUL's first P3
study for Axpaxli are expected this quarter (any day now), and given similarities between Axpaxli and EYPT's Duravyu (both TKI-based maintenance therapies for wet AMD), we're expecting volatility in EYPT shares in consequence of the OCUL data.
Irrespective of OCUL's P3 outcome (and recall a second OCUL P3 study is ongoing, with data expected in 1H27), we continue to have high confidence in EYPT's Duravyu, and prospects for success in its two P3 studies, which are expected to begin reading out mid-year.
With this in mind, and seeing a compelling valuation (especially for new investors), we reiterate our Outperform rating on EYPT, a top 2026 pick.
