Laidlaw Reiterates Buy Rating on EyePoint (EYPT) with $50 Price Target

EYPT this morning announced completion of patient enrollment of two pivotal studies, COMO and CAPRI (combined n=480), that evaluate Duravyu in treating diabetic macular edema (DME). Our take is that the faster than expected patient enrollment completion could be due to recognition by many in the community that Duravyu might be a very safe and effective agent. Given the robust Phase II (VERONA) trial results as support, we believe the chance of Duravyu in DME approval is rather high. EYPT started COMO and CAPRI patient enrollment at the beginning of May this year and its completion is ahead of expectations, taking less than three months to complete. The enrollment completion supports the topline outcome reporting expected in 4Q27. The primary endpoint is a non-inferior change from baseline in best corrected visual acuity (BCVA) to weeks 52 and 56, blended, compared to on-label 2mg aflibercept control. For reference, Eylea (2mg aflibercept) pivotal studies showed that at Q8 week dosing, mean change in BCVA measured by ETDRS letter score from baseline at week 52 was 10.7 from both the VIVID study (n=135 of the study arm), and VISTA study (n=151 of the study arm). Although the study size of COMO and CAPRI is smaller than wet AMD (LUGANO and LUCIA with a combined n=800), the shorter time it took to complete patient enrollment remains a positive surprise and potential testimony that Duravyu may be recognized by many as a very safe and effective agent. As a reminder, the most near-term and highly impactful event for EYPT shares is the reporting of Duravyu in wet AMD first pivotal study (LUGANO) results expected later in August. We are reiterating our Buy rating and $50 target price.

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