In a research report released Wednesday, Rodman & Renshaw analyst Amit Dayal reiterated a Buy rating on Second Sight Medical Products Inc (NASDAQ:EYES) with a $21 price target, after the company announced the first implant and successful activation of the Argus II Retinal Prosthesis System (Argus II) in a dry age-related macular degeneration (AMD) patient. EYES shares are currently trading at $13.99, up $0.51 or 3.78%.
Dayal noted, “We believe this is a significant milestone for Second Sight and is in line with expectations set by the company. This feasibility study should be followed by a larger study to support market and regulatory approvals. Investors should note that in regards to the company’s retinitis pigmentosa (RP) trials and treatment, the Argus II System demonstrated a reasonable safety profile with no unexpected adverse events. If the company is successful in obtaining clearance for the AMD indication, it addressable market, in our opinion, would expand to include 2M patients from 375K patients for RP.”
“We take confidence in seeing the company deliver in a timely fashion on key milestones. EYES has been a beneficiary of widespread positive press that has heightened patient interest, globally, in this treatment. We believe there may be a backlog of around 800 patients who meet the required criteria for receiving Second Sight’s implant and are awaiting confirmations on reimbursements or implanting centers to open.”, the analyst concluded.
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Amit Dayal has a total average return of -28.0% and a 9.1% success rate. Dayal has a -3.0% average return when recommending EYES, and is ranked #3640 out of 3711 analysts.