EyePoint announced significant layoffs affecting approximately 53% of its workforce following a disappointing clinical trial result. The company's experimental eye treatment, DURAVYU, failed to meet its primary endpoint in a Phase 3 study for wet age-related macular degeneration. This setback has led EyePoint to reallocate resources towards its diabetic macular edema program. The company anticipates these reductions will yield substantial annualized savings. Jefferies downgraded the stock and drastically cut its price target due to the trial disappointment.
https://www.barchart.com/story/news/8206671/eypt-stock-layoffs-what-to-know-about-the-latest-eyepoint-job-cuts