This Nasal Spray For Eye Disease Stock Is 'Attractive', Has Potential 160% Upside

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  • Chardan initiated coverage on Oyster Point Pharma Inc 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 NVS Xiidra and AbbVie Inc's 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.
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