OIS Index Outperforms

The OIS Index of ophthalmic stocks gained 5.4% in November, following a similar 5.2% gain in October. The index outperformed medical device stocks (+4.3%) and the broader US stock market (+3.6%) but lagged the biotech sector (+11.4%).

The largest positive contributor was Adverum Biotechnologies (+50.1%), which continued its steady rebound from a September decline related to the company’s Phase 1 gene therapy study in wet AMD. The largest percentage gainer was Eyenovia (+53.8%), which moved higher following the company’s Q3 financial report and business update.

Other ophthalmic stocks that participated in the November biotech rally included Aldeyra Therapeutics (+42.8%), KalVista Pharmaceuticals (+36.6%), MeiraGTx (+33.4%), and Alimera Sciences (+33.2%). Two of the large diversified ophthalmic device companies, Bausch Health (+13.7%) and Carl Zeiss Meditec (+12.9%), also contributed significantly to index performance.