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OIS Index Outperforms Biotech Stocks for Third Straight Month

OIS Index

For the third straight month, the OIS Index outperformed the NASDAQ Biotechnology Index. The OIS Index gained 2.6% in November, nearly matching the performance of the overall US stock market as measured by the Russell 3000 Index (up 2.8%) and a composite of US medical device stocks (up 3%). The NASDAQ Biotechnology Index gained 0.5% during the month.

Among the 31 stocks in the OIS Index, advancing stocks outnumbered declining stocks 17 to 13 during the month, with one stock unchanged. View the charts here.

The largest positive contributor to OIS Index performance in November was STAAR Surgical (+2% contribution to index performance, stock up 30.9%). The company reported strong Q3 financial results on November 8, featuring record revenues and gross profits, and provided a positive business outlook at its November 16 meeting with analysts.

The second-largest positive contributor to the OIS Index in November was Omeros Corporation (+1.9% contribution to index, stock up 31.7%). After a 27% decline in October, the stock rebounded following the company’s Q3 report on November 9, which highlighted strong sales growth for OMIDRIA (phenylephrine and ketorolac injection) used during cataract surgery to maintain pupil size and reduce postoperative pain.

Other top performers during November, but with a smaller impact on the OIS Index due to lower weighting, include Ohr Pharmaceutical (+39.3%) and Ophthotech (+34.8%).

The largest negative contributor to OIS Index performance in November was Glaukos Corp. (–2.1% contribution to index, stock down 24.2%). On the company’s Q3 conference call, Glaukos management discussed several near-term business headwinds that could persist through the first half of 2018, including commercial insurance disruptions, lower surgeon reimbursement in the Noridian Medicare region, and competitive activity related to Alcon’s ongoing product rollout.

Other declining stocks during November, but with a smaller impact on the OIS Index due to lower weighting, include TearLab (–52.9%), Ocular Therapeutix (–28.5%), Presbia (–25.8%), and KalVista Pharmaceuticals (–22.2%).

The OIS Index is a composite of ophthalmic growth stocks that tracks the investment performance of the ophthalmic sector. Our goal is to highlight ophthalmology investment performance, in absolute terms and compared with broader biotech and medical device industries, as well as the overall stock market. The OIS Index was launched with an initial value of 1,000 on October 1, 2016; as of December 1, the OIS Index stood at 901.43.

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About The Author

Michael Lachman

Michael Lachman is President of EyeQ Research, which provides market research, analytics, and strategic advisory to ophthalmic companies and investors. Previously, he was a healthcare investment research analyst with Hambrecht & Quist, ThinkEquity Partners, and SAC Capital, and worked in business development, marketing, and R&D for Johnson & Johnson and Baxter.

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