H.C. Wainwright Sticks to Their Buy Rating for Second Sight Medical Products (EYES)


H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Second Sight Medical Products (EYES) today and set a price target of $5. The company’s shares closed yesterday at $1.70.

Dayal noted:

“We believe that the gross margins average approximately 35% during the 4Q18 and 2019. Total GAAP operating expenses amounted to $9.0M in 3Q18, a 22.4% YoY increase, reflecting higher personnel costs, product development costs, and market development costs. Management has indicated that the full effect of efforts toward saving $3.0M in annual operating costs should be realized beginning in 2019. GAAP net loss for the quarter was $8.5M, or $0.12 loss per share, compared with a net loss of $6.7M, or $0.12 loss per share, in the prior year period. The company’s cash balance at the end of 3Q18 was $5.0M, which was further boosted by the $4.0M investment, in October 2018, from the Chairman of the company’s Board. The company had no debt as of September 30, 2018. Key takeaways.”

According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -8.6% and a 35.7% success rate. Dayal covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Capstone Turbine Corp, and UQM Technologies Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Second Sight Medical Products with a $5 average price target.

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The company has a one-year high of $2.58 and a one-year low of $1.13. Currently, Second Sight Medical Products has an average volume of 236.3K.

Based on the recent corporate insider activity of 61 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of EYES in relation to earlier this year.

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Second Sight Medical Products, Inc. develops, manufactures and markets prosthetic devices. Its product the Argus II System, treats outer retinal degenerations and employs electrical stimulation to bypass degenerated photoreceptor cells and to stimulate remaining viable retinal cells thereby inducing visual perception in blind individuals.

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