EyePoint Pharmaceuticals (EYPT) Stock Forecast & Price Target

EyePoint is viewed favorably because its lead programs target large retinal disease markets with a differentiated sustained-release approach that could improve visual outcomes while reducing treatment burden and follow-up care. The upside case assigns meaningful probability of success across wet AMD, DME, Yutiq, and the platform, while positive catalysts include Phase III COMO/CAPRI DME data in 4Q27, FDA openness to a wet AMD regulatory path based on pooled LUGANO/LUCIA data, and potential partnership or licensing value for Duravyu and the Durasert platform. The thesis is further supported by the company’s emphasis on safe, effective, lower-cost care and a cash-preserving path through non-dilutive financing or cost reductions that could extend runway beyond the DME readout.

EyePoint is viewed negatively because Duravyu has now failed in two identical wet AMD pivotal trials, with LUCIA missing the -4.5 letter non-inferiority margin by 3.7 letters and LUGANO also missing in the full dataset, which substantially weakens confidence in the program’s core value proposition. Management has ended both wet AMD trials early and cut about 53% of the workforce, implying the company is effectively closing the wet AMD opportunity despite only modest secondary endpoint improvements and clean safety; current cash is about $118MM. The remaining DME thesis is still unproven, with COMO/CAPRI not reading out until 4Q27, runway only into 4Q27, and meaningful financing and competitive risks from Eylea HD, Vabysmo, and biosimilars.