EyePoint falls after experimental drug misses goal, brokerages cut ratings
BUZZ-EyePoint falls after experimental drug misses goal, brokerages cut ratings ** Shares of drug developer EyePoint EYPT.O fall nearly 2.5% to $4.75 premarket
** J.P. Morgan downgrades stock to "neutral" from "overweight," while RBC Capital Markets cuts to "sector perform" from "outperform" and slashes PT to $5 from $37
** EYPT said experimental drug to treat wet age-related macular degeneration missed main goal in late-stage trial as a few patients lost vision from causes unrelated to targeted disease
** RBC points to concerns regarding drug's vision-safety profile, potential FDA approval
** "There was a broad expectation that the trial would meet non-inferiority in the overall data set, so this outcome came as a surprise"- J.P. Morgan
** 13 analysts rate stock "buy" on average; median PT $39 - LSEG-compiled data
** YTD, up to last close, stock down 73%
(Reporting by Akriti Shah in Bengaluru)
((akriti.shah@thomsonreuters.com ; X, formerly Twitter: @AkritiShahh)))
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