Skip to main content

Market Overview

Chardan Initiates Eyegate Pharma At Buy, Sets $6 Target

Share:
  • Eyegate Pharmaceuticals Inc (NASDAQ: EYEG) shares are down 30 percent in the last three months, and have traded below $3 for most of December.
  • Chardan Capital’s Keay Nakae initiated coverage of the company with a Buy rating and a price target of $6.
  • Eyegate Pharma’s lead compound is promising and results from the Phase1b/2a clinical trial could be the next key catalyst, Nakae stated.

Analyst Keay Nakae believes that Eyegate Pharma’s lead compound, EGP-437, is “a promising approach” for the treatment of eye diseases. The company has completed a Phase 3 clinical trial for this compound for the treatment of non-infectious anterior uveitis.

Eyegate Pharma is currently preparing for EGP-437 to enter a larger Phase 3 confirmatory clinical study, which could commence shortly, Nakae said.

He added that the next key catalyst for Eyegate Pharma’s shares would be the results from the company's Phase 1b/2a clinical trial, which is evaluating the compound in patients who have undergone cataract surgery with implantation of a posterior chamber intraocular lens. The company is expected to report top-line data from this study in 1Q16.

“A positive result here will increase the probability that EGP-437 can be used to treat a second indication in the front of the eye, which is a substantially larger addressable market than uveitis,” the Chardan Capital report noted.

Eyegate Pharma had inked a licensing agreement with for EGP-437 for uveitis with Valeant Pharmaceuticals Intl Inc (NYSE: VRX) in July 2015. Eyegate Pharma received $1 million in upfront cash payment, clinical development support, milestone payments, and high single digit royalties based on net sales. “We believe that this agreement provides additional external validation of EGP-437,” Nakae wrote.

Latest Ratings for EYEG

DateFirmActionFromTo
Aug 2021HC Wainwright & Co.MaintainsBuy
Nov 2020HC Wainwright & Co.MaintainsBuy
Jul 2020Alliance Global PartnersInitiates Coverage OnBuy

View More Analyst Ratings for EYEG

View the Latest Analyst Ratings

 

Related Articles (EYEG)

View Comments and Join the Discussion!

Posted-In: Chardan Capital Keay NakaeAnalyst Color Long Ideas Initiation Analyst Ratings Trading Ideas

Latest Ratings

StockFirmActionPT
SEDGB of A SecuritiesMaintains411.0
PTLOPiper SandlerMaintains28.0
AOUTLake StreetMaintains26.0
RAPTPiper SandlerMaintains52.0
OCXLake StreetMaintains6.0
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com