Eyenovia Inc (EYEN) Initiated with a Buy at Oppenheimer


Eyenovia Inc (EYEN) received a Buy rating and a $9 price target from Oppenheimer analyst Esther Rajavelu today. The company’s shares opened today at $6.31.

Rajavelu commented:

“We initiate coverage of Eyenovia Inc. (EYEN) with an Outperform rating and $9 PT. EYEN is a clinical stage ophthalmic biopharmaceutical company with four late-stage assets. As its business model targets cash-pay customers initially, and third-party payers over the longer term, we believe EYEN may be well positioned to generate a diversified stream of revenues with varying margin profiles. With three products (MicroTears, MicroStat, and MicroProst) likely to launch over the next three years, and potential long-term value-driver MicroPine (not reflected in our PT), we believe EYEN may have several value-inflecting catalysts that may not yet be fully reflected in the stock. Of these, we note MicroStat filing/FDA action and MicroProst Phase 3 data could create momentum over the next 12 months.”

According to TipRanks.com, Rajavelu is a 3-star analyst with an average return of 3.0% and a 48.1% success rate. Rajavelu covers the Healthcare sector, focusing on stocks such as Teva Pharmaceutical Industries Limited, Biohaven Pharmaceutical Holding Co Ltd, and Rocket Pharmaceuticals Inc.

Currently, the analyst consensus on Eyenovia Inc is a Moderate Buy with an average price target of $24.50.

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The company has a one-year high of $9.00 and a one-year low of $2.40. Currently, Eyenovia Inc has an average volume of 257.6K.

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Eyenovia, Inc. is a clinical stage biopharmaceutical company, which engages in the research and development of ophthalmology products. The company offers a piezo-print technology to deliver micro-doses of micro-therapeutics for the eyes. Its products include MicroProst, MicroStat, MicroTears, and MicroPine.

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