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Analyst Ratings February 2, 2026

Mizuho Sticks With Outperform on EyePoint as Shares Lag Peers

Analyst cites unchanged fundamentals and near-term volatility tied to competitor Phase 3 data as EyePoint advances pivotal trials

By Hana Yamamoto EYPT OCUL
Mizuho Sticks With Outperform on EyePoint as Shares Lag Peers
EYPT OCUL

Mizuho has reaffirmed an Outperform rating and a $33.00 price target for EyePoint, Inc. (NASDAQ:EYPT) despite the stock's notable year-to-date decline. The firm emphasized that the share weakness has not been driven by changes in company fundamentals and highlighted upcoming clinical readouts across the sector - including a competitor's Phase 3 Axpaxli study - as potential near-term drivers of market volatility. EyePoint's DURAVYU Phase 3 program continues to progress, with more than 900 patients enrolled across two studies and initial data readouts expected by mid-2026.

Key Points

  • Mizuho reaffirmed an Outperform rating and $33.00 price target on EyePoint despite the stock’s year-to-date decline.
  • EyePoint's shares have fallen 24% YTD versus a 2% drop in the XBI biotech index; competitor Ocular Therapeutix shares are down about 25% YTD.
  • EyePoint’s DURAVYU Phase 3 program has enrolled over 900 patients across LUGANO and LUCIA, with data readouts expected to begin in mid-2026.

Overview

Mizuho has reiterated an Outperform rating and maintained a $33.00 price target on EyePoint, Inc. (NASDAQ:EYPT), even as the stock has underperformed this year. The research note pointed to a 24% decline in EyePoint shares year-to-date, compared with a 2% drop in the XBI biotech index. Mizuho observed that this pattern mirrors the performance of competitor Ocular Therapeutix (NASDAQ:OCUL), which has fallen about 25% over the same period.

Analyst rationale

In its commentary, Mizuho underscored that EyePoint's recent share weakness has occurred "on no change in fundamentals." The firm flagged potential market volatility stemming from an upcoming data readout from Ocular Therapeutix's Phase 3 study for Axpaxli, expected this quarter, which could influence sentiment across companies developing extended-duration therapies for wet age-related macular degeneration (wet AMD).

Mizuho reiterated confidence in EyePoint's DURAVYU program, describing the therapy as a TKI-based maintenance option for wet AMD with similarities to Ocular's Axpaxli. The research note noted that EyePoint's two Phase 3 studies for DURAVYU are expected to begin reporting results by mid-year.

Company updates and peer context

Separately, EyePoint announced that its Phase 3 clinical trials for DURAVYU are progressing on schedule, with data readouts expected to begin in mid-2026. The company reported successful enrollment of more than 900 patients across the two pivotal studies, LUGANO and LUCIA, which are being conducted in the U.S. and internationally. EyePoint also completed a corporate name change from EyePoint Pharmaceuticals, Inc. to EyePoint, Inc., effective immediately.

Alongside Mizuho's reiteration, RBC Capital has also maintained an Outperform rating for EyePoint with a higher price target of $39. RBC expressed confidence in EyePoint's programs for wet AMD and diabetic macular edema (DME), noting that those programs are proceeding in line with prior guidance. Mizuho's decision to hold its positive view came as Ocular Therapeutix moves to accelerate its approval timeline for a similar extended-duration treatment.

Implications for investors and the sector

Mizuho highlighted "compelling valuation" as a reason the stock may be attractive for new investors and listed EyePoint among its "top 2026 picks." The note frames EyePoint's position within an active competitive landscape for extended-duration ophthalmic treatments, where upcoming trial readouts and regulatory timelines have the potential to create short-term market swings.

Key developments summarized

  • Analyst firm Mizuho reiterated Outperform and a $33.00 price target on EyePoint despite share weakness.
  • EyePoint shares are down 24% year-to-date versus a 2% decline in the XBI biotech index; Ocular Therapeutix shares have fallen about 25% in the same period.
  • EyePoint's DURAVYU Phase 3 program has enrolled over 900 patients across LUGANO and LUCIA; initial readouts are expected to begin in mid-2026.

Conclusion

Mizuho's continued endorsement of EyePoint centers on valuation and the company's advancement of pivotal trials, while also acknowledging that competitor data and regulatory moves could drive volatility in the near term. The broader biotech and ophthalmology subsectors may be especially sensitive to these upcoming readouts and timeline shifts.

Risks

  • Near-term volatility tied to competitor Ocular Therapeutix’s upcoming Phase 3 Axpaxli data readout expected this quarter - this could affect investor sentiment across the ophthalmology and biotech sectors.
  • Execution and timing risk around DURAVYU Phase 3 study readouts - while enrollment is complete, the timing of data readouts by mid-2026 introduces uncertainty for market reaction.
  • Regulatory and competitive timeline shifts, such as Ocular Therapeutix’s efforts to expedite approval, which could alter comparative positioning in the extended-duration wet AMD market.

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