H.C. Wainwright Reiterates Buy Rating on OKYO Pharma Ltd. (OKYO)

H.C. Wainwright analyst Yi Chen reiterated a Buy rating and $7.00 price target on OKYO Pharma Ltd. (NASDAQ: OKYO).

The analyst commented: "Yesterday, OKYO Pharma announced that it plans to advance OK-101 into a Phase 2 trial of neuropathic corneal pain (NCP). NCP causes pain and sensitivity of the eyes, face, or head, and it may be caused by nerve damage to the cornea combined with inflammation. This acute and painful ocular disorder has no FDA-approved therapy, and patients are currently managed by various topical and systemic treatments in an off-label fashion. In a mouse model, OK-101 reduced corneal pain response comparably to gabapentin on Day 14 post-surgery. In the Phase 2 DED trial, a significant improvement in pain scores (measured by patient reported daily diaries) was observed within the first two weeks of treatment and through the last study visit at Day 85. These results support the evaluation of OK-101 in NCP, an orphan disease as listed in the National Organization for Rare Disorders. Notably, OK-101 is the first NCP drug candidate that has received FDA IND clearance for clinical evaluation. Management expects to begin the Phase 2 trial in 3Q24. We believe this study could report topline results in mid-2025. In our view, positive data in NCP may potentially enable OK-101 to become the first FDA-approved therapy for NCP, which would grant favorable market positioning compared to OK-101’s application in DED. We reiterate our Buy rating and $7 PT."

For an analyst ratings summary and ratings history on OKYO Pharma Ltd. click here. For more ratings news on OKYO Pharma Ltd. click here.

Shares of OKYO Pharma Ltd. closed at $1.47 yesterday.

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