In a report released today, Ram Selvaraju from H.C. Wainwright initiated coverage with a Buy rating on Eyenovia Inc (NASDAQ: EYEN). The company’s shares closed yesterday at $3.97, close to its 52-week low of $2.94.
“We are initiating coverage of Eyenovia, Inc. with a Buy rating and 12-month price target of $12 per share. Eyenovia is a late-stage developer of proprietary topical delivery of micro- dose formulations of active pharmaceutical ingredients (APIs) used for ocular applications. The company’s piezo-print technology, built into an electronic delivery system, allows targeted delivery of 6-8 microliter (μl) of therapeutic fluid that coats the ocular surface within 80 milliseconds. In comparison, conventional eye drops typically overdose with 30-50μl per drop. Therefore, Eyenovia’s micro-dosing products are able to reduce exposure to preservatives and pharmaceutical ingredients by over 75%, thus alleviating local ocular adverse events as well as systemic side effects while retaining efficacy.”
According to TipRanks.com, Selvaraju is a 1-star analyst with an average return of 0.0% and a 35.6% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, Bausch Health Companies Inc, and Synergy Pharmaceuticals Inc.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Eyenovia Inc.
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The company has a one-year high of $10.74 and a one-year low of $2.94. Currently, Eyenovia Inc has an average volume of 16.08K.
Based on the recent corporate insider activity of 15 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 EYEN in relation to earlier this year.
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Eyenovia, Inc. is an emerging growth 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.