Second Sight Medical Products Inc (NASDAQ:EYES)
Shares of Second Sight Medical Products Inc (NASDAQ:EYES), headquartered in Sylmar, CA, are up over 10% in late trading on the back of a ten-fold volume increase. The strong move upwards was a result of investor reaction to the consent of the U.S. Food and Drug Administration (FDA) to begin the Orion™ Cortical Visual Prosthesis System (Orion) feasibility clinical study. The approval allows two U.S. sites, the University of California at Los Angeles (UCLA) and Baylor College of Medicine (Baylor) in Houston, to enroll up to five total patients.
Second Sight Medical Products Inc (NASDAQ:EYES)’s develops, manufactures, and markets innovative implantable visual prosthetics to enable blind individuals to achieve greater independence. Second Sight’s Orion™ Visual Cortical Prosthesis is being developed to restore some vision to individuals who are blind due to causes other than preventable or treatable conditions.
Will McGuire, President and CEO of Second Sight stated ““We remain on track toward achieving our stated goal of implanting our first Orion patient before year end, and the potential opportunity to provide useful vision to millions of blind individuals worldwide who have no other option today,”
EYES Stock Performance
Despite the science fiction nature of their product that could change the lives of millions of blind people, current financial results have been poor for shareholders. In late 2015, EYES stock was trading above $7, but a lack of profits has seen a downward trend for the shares. In February of 2017, EYES stock briefly rose near $3, but during most of the past year has had the stock below the $2 level.
EYES stock is down 55% for the year, and down 4% for the past month. There is a moderate short position on the company – over 10% of the share’s float is held as a short position.
HC Wainwright covers Second Sight Medical Products Inc (NASDAQ:EYES) and assigns EYES stock a “Strong Buy”.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.