On Thursday, H.C. Wainwright reaffirmed a Buy rating on shares of OKYO Pharma Ltd. (NASDAQ: OKYO), with a price target of $7.00. The endorsement follows the recent announcement of promising results from a newly conducted categorical data analysis of the Phase 2 trial for OK-101, OKYO Pharma's treatment for dry eye disease (DED).
The analysis encompassed the full intent-to-treat population of 240 patients. Notable findings included responder rates that demonstrated at least a 12.5% reduction in conjunctival sum staining along with a minimum 30% reduction in symptoms, such as ocular pain, blurred vision, and burning/stinging, by Day 85 from baseline.
Specifically, the data revealed that 34.2% of patients treated with OK-101 experienced a reduction in both conjunctival sum staining and the pain symptom, compared to 20.3% in the placebo group, marking a 68% improvement.
Moreover, 32.9% of patients in the OK-101 group showed improvement in conjunctival sum staining and burning/stinging symptoms versus 20.3% in the placebo group, a 62% improvement. Furthermore, a 19% improvement was observed in patients with reduced conjunctival sum staining and blurred vision when compared to the placebo.
The results suggest that conjunctival sum staining and ocular pain could be promising sign and symptom endpoints for future DED trials. OK-101 also demonstrated a favorable tolerability profile, mirroring that of a placebo, which is seen as advantageous for its upcoming pivotal trial.
The analysis supports the potential of OK-101, highlighting its rapid onset of action, sustained improvement, and well-tolerated nature, which bodes well for the drug's future clinical development.
In other recent news, OKYO Pharma Limited has been making significant strides in its drug development efforts. The company has announced plans to initiate a Phase 2 clinical trial for its drug candidate, OK-101, to treat neuropathic corneal pain (NCP), following promising results from a previous Phase 2 study in dry eye disease (DED) patients.
The upcoming trial will involve 48 patients diagnosed with NCP, with the primary endpoint being pain improvement measured over a 12-week period.
OKYO Pharma has also reported significant findings from its Phase 2 clinical trial of OK-101 for treating DED. The trial data highlighted conjunctival staining and ocular pain as potential primary endpoints for future trials, with a 68% improvement in the responder rate among patients exhibiting reductions in these symptoms.
These recent developments are part of OKYO Pharma's ongoing commitment to addressing unmet medical needs in ophthalmology. The company is also refining the study design for an upcoming DED trial while progressing with the NCP program. The next steps for OK-101 will be discussed with advisors and regulatory agencies.
InvestingPro Insights
Following the positive analysis of OKYO Pharma Ltd.'s Phase 2 trial for OK-101, the market's reaction has been mixed, as reflected in the company's recent performance metrics. According to InvestingPro Data, OKYO has experienced a 1 Month Price Total Return of -17.2% and a YTD Price Total Return of -33.9%, indicating that the stock has faced challenges despite the promising trial results. The company's Market Cap stands at 47.03M USD, with a Price, Previous Close of 1.17 USD.
InvestingPro Tips suggest that potential investors should be aware of OKYO's weak gross profit margins and the fact that the stock has fared poorly over the last month. Additionally, the valuation implies a poor free cash flow yield, which could be a concern for those looking for strong financial health in their investments.
For those interested in income-generating stocks, it's noteworthy that OKYO does not pay a dividend to shareholders. To explore further insights and tips, including the 28 additional tips available for OKYO, visit InvestingPro and consider using the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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