This Nasal Spray For Eye Disease Stock Is 'Attractive', Has Potential 160% Upside
Chardan initiated coverage on Oyster Point Pharma Inc (NASDAQ: OYST) with a Buy rating and a price target of $22.
The lead product, Tyrvaya, was approved in October 2021 and generated $1.2 million in the first two months and $2.7 million in 1Q22, its first full quarter.
The company will report Q2 earnings today after the market closes.
Chardan says that the prescriber base is bound to grow as Tyrvaya had an estimated commercial coverage for up to 95 million lives at the end of 1Q22, representing 52% of all U.S. commercial lives.
In addition, the company expects the Medicare Part D coverage to kick in 2023, further expanding patient access to Tyrvaya.
DED represents a large market, with an estimated addressable DED population in the U.S. of up to ~14 million.
Approved treatments include Novartis AG's (NYSE: NVS) Xiidra and AbbVie Inc's (NYSE: ABBV) Restasis.
The analyst notes that Tervaya's differentiated nasal spray with a quick onset of action could represent an attractive alternative.
Overall, Tyrvaya is well positioned to address the limitations of the SOC treatments.
Price Action: OYST shares are up 9.77% at $8.43 during the market session on the last check Thursday.
Latest Ratings for OYST
Date | Firm | Action | From | To |
|---|---|---|---|---|
Nov 2021 | JP Morgan | Downgrades | Overweight | Neutral |
Nov 2019 | JP Morgan | Initiates Coverage On | Overweight | |
Nov 2019 | Cowen & Co. | Initiates Coverage On | Outperform |
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