On Wednesday, H.C. Wainwright reaffirmed a Buy rating and a $7.00 price target on shares of OKYO Pharma Ltd. (NASDAQ: OKYO), following the company's announcement that it has begun dosing patients in a Phase 2 clinical trial of its drug candidate OK-101.
The treatment is aimed at addressing neuropathic corneal pain (NCP), a condition characterized by eye, face, or head pain and sensitivity, potentially linked to nerve damage in the cornea and inflammation.
OKYO Pharma's initiation of the trial marks a significant step as there are currently no FDA-approved therapies specifically for NCP, leaving patients to rely on a variety of off-label topical and systemic treatments.
The urgency of addressing this unmet medical need was underscored by key opinion leaders (KOLs) at the American Academy of Ophthalmology (AAO) 2024 meeting, who highlighted the potential market prospects for an effective NCP treatment.
The drug candidate, OK-101, is notable for being the first NCP treatment to receive FDA Investigational New Drug (IND) clearance for clinical evaluation. A search on clinicaltrials.gov confirms that there are no other clinical trials evaluating drug candidates for NCP at this time.
OK-101 has previously shown favorable safety and tolerability in a Phase 2 trial for dry eye disease (DED), along with statistically significant improvements in symptoms such as stinging, burning, and ocular pain, which are also common in NCP.
Based on the efficacy and safety profiles demonstrated in the DED trial, there is optimism that OK-101 could effectively alleviate pain associated with NCP. This potential has been a driving factor in H.C. Wainwright's reiterated Buy rating and price target for OKYO Pharma's stock.
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