Stifel bullish on Clearside Biomedical as CLS-AX meets goals in Phase 2b ODYSSEY

Stifel analyst Annabel Samimy reiterates a Buy rating on Clearside Biomedical, with a price target of $8, after Phase 2b ODYSSEY met all of its objectives for CLS-AX in wAMD, importantly confirming a durable profile with strong safety that uniquely includes mandatory retreatment with its own drug vs. rescue. The firm is encouraged by the strong ODYSSEY results, though admittedly, results are optically difficult to compare to TKI study designs that allowed assessment of longer durations. Following an EOP2 meeting, Clearside plans to move to Phase 3, aiming to establish flexible and repeat dosing in-line with physician practice desires, now in treatment-naive patients. Based on these results, TKI activity has now clearly been validated across multiple programs, and the possibility to standardize future treatment to at least 6m is within reach, the firm says.