OIS Index 5.14.2020

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.

About 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.