OIS Index Rebounds from March Lows

The OIS Index of ophthalmic stocks gained 12.2% in April, participating in the market rebound from the mid-March lows that led to the best month for US stocks since 1987. Ophthalmic stocks tracked the gains for medical device stocks (+12.2%) and slightly underperformed the broader US stock market (+13.1%) and the biotech sector (+15%).

The largest gainer among ophthalmic stocks in April was GenSight Biologics (+73.4%), which announced positive Phase I/II safety data for the company’s gene therapy treatment for retinitis pigmentosa. Alimera Sciences (+35%) pre-announced Q1 revenue growth despite the impact of COVID-19 in the second half of the quarter. REGENXBIO (+23%) announced positive long-term data from its Phase I/IIa gene therapy trial in wet age-related macular degeneration.

Other big gainers included Eyenovia (+59.1%) and KalVista (+42.6%). The largest decline in April came from Oyster Point Pharma (–16%), which gave back some of the gains that made it the top performing ophthalmic stock in Q1 2020.