Assuming Coverage at Overweight; I Point, You Buy

研报英文原文证据摘录

Assuming Coverage at Overweight; I Point, You Buy

Biotechnology

EyePoint Pharmaceuticals Inc. (EYPT)

EQUITY RESEARCH Assuming Coverage

July 8, 2026

Assuming Coverage at Overweight; I Point, You Buy Price: $14.02

Price Target: $47.00 We are assuming coverage of EYPT with an Overweight rating and $47 price

Rating: Overweight target ahead of Phase 3 data in neovascular AMD (initial data expected

Key Statistics: ~August 2026 from Phase 3 LUGANO followed by an identical Phase 3

Symbol NASDAQ: EYPT LUCIA ~2 months after LUGANO). DME Phase 3s COMO and CAPRI are also

52-Week Range 9.40 - 19.11 ongoing (enrollment completion expected 3Q26).

Market Cap 1,175.5

ADV (3 mo) 1,080,087 There are three main pillars to our thesis:

Shares Out (M) 83.8 ●People want fewer needles in their eye. We are prepared to stipulate

that the anti-VEGF market is eminently receptive to new extended

Research Analysts: dosing interval drugs, based on multiple precedents (faricimab being

Steve Seedhouse

212-915-1240 the latest example - see slide 9).

Steve.Seedhouse@cantor.com

●We have high conviction Phase 3 LUGANO will succeed, meeting Nick Econom

312-469-7407 the primary non-inferiority endpoint (visual acuity) and key secondary

Nick.Econom@cantor.com endpoint of treatment burden reduction compared to 2mg aflibercept

Timur Ivannikov Q8W. Our confidence is based on smart trial design and strong

312-469-7406 precedent Phase 2 data from DAVIO2 (treatment-experienced nAMD) Timur.Ivannikov@cantor.com

and VERONA (DME).

REV ($M) ●Superior trial design and data likely to comp favorably vs. key

FYE Dec 2025A 2026E 2027E valuation comp OCUL. Whereas Eyepoint's Phase 3 program is 1Q $24.5 $0.7A $0.6

2Q $5.3 $0.6E $0.6 straightforward (two Phase 3s, well accepted regulatory endpoint of