Eyenovia downgraded to Neutral from Buy at H.C. Wainwright

H.C. Wainwright downgraded Eyenovia (EYEN) to Neutral from Buy with a price target of $2, down from $12. Based on the announced independent data review committee determining the Phase 3 CHAPERONE study did not meet its primary endpoint of less than 0.5 diopter progression in visual acuity over the three-year timeframe, the Optejet device continues to need a substantial indication for mainstream adoption, the analyst tells investors in a research note. The firm says that with the CHAPERONE study discontinued for full dataset review and next program steps forthcoming, it was noted by management that a business combination, reverse merger, asset sales or a combination of those approaches could be possible as strategic options.