Second Sight Medical Products, Inc. (EYES) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Second Sight Medical Products, Inc. (NASDAQ:EYES) from a sell rating to a hold rating in a report issued on Wednesday.

According to Zacks, “Second Sight Medical Products, Inc. is a medical device company. It develops, manufactures, and markets implantable prosthetic devices to restore some functional vision to blind patients. The Company provides Argus II system, an implantable neurostimulation device for the treatment of outer retinal degenerations, such as retinitis pigmentosa. Second Sight Medical Products, Inc. is headquartered in Sylmar, California. “

Separately, HC Wainwright reissued a buy rating and set a $5.00 price objective on shares of Second Sight Medical Products in a research report on Thursday, July 6th.

Shares of Second Sight Medical Products (NASDAQ EYES) traded down 5.08% during midday trading on Wednesday, reaching $1.12. The company’s stock had a trading volume of 183,203 shares. The stock’s market capitalization is $63.61 million. Second Sight Medical Products has a 52 week low of $0.90 and a 52 week high of $3.60. The stock has a 50-day moving average price of $1.11 and a 200 day moving average price of $1.20.

Second Sight Medical Products (NASDAQ:EYES) last released its quarterly earnings data on Tuesday, August 1st. The medical device company reported ($0.13) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.01. The firm had revenue of $2.24 million during the quarter, compared to analysts’ expectations of $1.43 million. Second Sight Medical Products had a negative return on equity of 168.49% and a negative net margin of 646.89%. The business’s revenue for the quarter was up 124.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.17) earnings per share. Equities analysts forecast that Second Sight Medical Products will post ($0.55) earnings per share for the current year.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in EYES. BNP Paribas Arbitrage SA boosted its position in Second Sight Medical Products by 980,566.2% during the first quarter. BNP Paribas Arbitrage SA now owns 696,273 shares of the medical device company’s stock valued at $258,000 after purchasing an additional 696,202 shares during the last quarter. Van Den Berg Management I Inc. boosted its position in Second Sight Medical Products by 27.2% during the first quarter. Van Den Berg Management I Inc. now owns 243,679 shares of the medical device company’s stock valued at $295,000 after purchasing an additional 52,102 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in Second Sight Medical Products by 0.7% during the second quarter. Vanguard Group Inc. now owns 843,462 shares of the medical device company’s stock valued at $1,062,000 after purchasing an additional 5,973 shares during the last quarter. 13.07% of the stock is owned by hedge funds and other institutional investors.

About Second Sight Medical Products

Second Sight Medical Products, Inc is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight.

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