OIS Index Down in February

The OIS Index of ophthalmic stocks declined 9.6% in February, tracking the declines for medical device stocks (-8.7%) and the broader US stock market (-8.4%), while the biotech sector managed to eke out a small gain (+0.3%).

Leading the index lower were Glaukos (-21.8%), which declined following the announcement of lower-than-expected 2020 revenue guidance, and Bausch Health (-19.3%), which gave up late-2019 gains following the company’s Q4 financial report.

Two bright spots during a rough February were Adverum Biotechnologies (+24.1%), which raised $130 million in a stock offering following a report of new interim Phase 1 data for the company’s intravitreal gene therapy for wet AMD, and Oyster Point Pharmaceuticals (+11.1%), which continued its steady rise following the company’s November IPO and January announcement of positive Phase 2 top-line data.