The price of EyeGate Pharmaceuticals (NASDAQ:EYEG) stock has more than doubled this morning after the clinical-stage eye disease treatment developer announced the acquisition ofÂ Panoptes Pharma, also a clinical-stage biotech.
Austrian firm Panoptes is developing a novel proprietary small molecule for the treatment of severe eye diseases with a high unmet medical need.
â€œThe acquisition of Panoptes propels the EyeGate pipeline forward to include a de-risked clinical-stage candidate with broad potential across a diverse range of ocular, autoimmune and neurological indications,â€ said Stephen From, CEO of EyeGate.
Zacks Likes What It Sees in EYEG Stock
Last month, Zacks Investment Research issued a quite positive view on EYEG stock in its 2021 look ahead.
â€œAt the end of September, we raised our target valuation for EyeGate Pharmaceuticals from $12.00 to $15.00 based on solid progress in its existing pipeline and the introduction of a new candidate for treating bacterial conjunctivitis,â€ wrote analyst Beth Senko, CFA of Zackâ€™s Small Cap Research group.
â€œWe continue to expect that EyeGate Pharmaceuticals will achieve several clinical/commercial milestones during the next 12-18 months setting the stage for its first commercial product launch (likely through a licensing agreement),â€ she advised investors.
Not only is EyeGate getting the Panoptes pipeline additions, but the acquisition will also bolster the biotechâ€™s team, as the Austrian companyâ€™s co-founders, Dr. Franz Obermayr and Dr. Stefan Sperl, will join as EVP Clinical Development and EVP CMC and Operations, respectively.
On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article.Â
InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.
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