H.C. Wainwright analyst Amit Dayal maintained a Buy rating on Second Sight Medical Products (NASDAQ: EYES) today and set a price target of $5. The company’s shares closed yesterday at $1.67.
Dayal commented:
“We believe the miss relative to expectations was driven by a higher number of rescheduled surgeries. Gross margins for the quarter were 56.2% compared to gross margins of 31.6% in 1Q18. Total GAAP operating expenses amounted to $9.1M in 1Q18, a 13.5% YoY increase, reflecting higher personnel costs, product development costs, and market development costs. GAAP net loss for the quarter was $8.0M, or $0.12 loss per share, compared with a net loss of $6.8M, or $0.12 loss per share, in the prior year period. The company’s cash balance at the end of 2Q18 was $7.5M and the company had no debt. Argus II growth efforts to be restrained. We believe the company is at a stage where it has to balance continued expansion of Argus II relative to resources needed to steadily progressing its Orion initiatives.”
According to TipRanks.com, Dayal has currently no stars on a ranking scale of 0-5 stars, with an average return of -4.6% and a 37.1% success rate. Dayal covers the Consumer Goods sector, focusing on stocks such as Superconductor Technologies Inc, Pointer Telocation Ltd, and Pacific Ethanol.
Currently, the analyst consensus on Second Sight Medical Products is a Moderate Buy with an average price target of $5.
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Based on Second Sight Medical Products’ latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $9.75 million. In comparison, last year the company had a GAAP net loss of $6.84 million.
Based on the recent corporate insider activity of 32 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.
