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EYE - Nova Eye Medical

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Lachlan6

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Think I have spotted a head and shoulders reversal on the weekly chart. Broken through resistance at $0.34, next resistance at $0.44. There has also been positive divergence with the RSI whilst OBV is healthy. Pretty good fundamentals for this company and the upside looks fine. Probably going to buy some today at $0.39. Can any one else spot that head and shoulders reversal? Cheers, Lachie
 
G'day everyone,

ELX looks to be on the move this week with very few sellers wanting to part with their goods.

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G'Day bizmark. Couldnt agree more with your verdict on ELX. I have been watching this stock now for a long time and posted back last year on 4th of November when it went through overhead resistance closing at 40.5c on weekly chart. I said the next resistance would be 44c, which turned out to be close with resistance encountered at 46.5c. However since forming a new higher low at 38c earlier this year, ELX has stormed back up and consequently broken through its most crucial resistance at 46.5c. However even more positively, is it has done it on big volume, have a look at today for example. 58c and plently more to come I think with ELX. In fact I would put the next resistance at 79c, the 50% retracement level from mid 2002 highs to the May 2005 low. Strength to strength with ELX.
 
On July 3rd, 2020, Ellex Medical Lasers Limited (ELX) changed its name and ASX code to Nova Eye Medical Limited (EYE).
 
EYE having a few good days in advance of its clearance from the fda of its improved Itrack advance expected soon. It's expecting large uptake of the easier to use device. Price has been depressed due to a capital raising.
 
My top pick for the yearly competition.
Was beaten down badly last month after a threatened withdrawal of reimbursement from some medicare funds in the US for canaloplasty devices, however had a few good days after this was withdrawn. Has been showing good sales growth for the improved Itrack device in the US and should also be a deal soon for a partner for 2RT for treatment of intermediate stage of age related macular degeneration.
 
Would have been even better if the competition had started a few days earlier. However I have great faith in the longer term, though that often has been my undoing in the past.
 
65% sales growth in the US despite negative effect of the LCD's in November and December. Expecting accelerated growth in the second half of FY24.
 
Trading halt for a capital raising. Looks like they have been spending more to up the sales of the improved itrack device. Still no news on a partner for 2RT.
 
$8 million raise at a big discount, to expand sales reps and drive sales growth both in the US and also ROW. ROW has been going backwards as they have been concentrating on US, I guess growth comes at a price. That will depress the share price for a while until figures for growth come out.
 
Has been pretty slow to recover from their capital raising back in February, despite 65% sales growth in the US for the two months ended February this year compared to last year. Share price has started rising this last week rising from 20c to 23 c since the 20th.
 
rcm617 said:
Has been pretty slow to recover from their capital raising back in February, despite 65% sales growth in the US for the two months ended February this year compared to last year. Share price has started rising this last week rising from 20c to 23 c since the 20th.
Click to expand...
Chart update for EYE

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No announcements this month, they have been presenting at some ophthalmology conferences, so hoping for an update soon. Has been steadily improving in price.
 
EYE looks to be closing (pun) up 28% following a pump free email research communique from East Coast Research today.

Not Held
Have put it on a watchlist

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New Report Launched 🚀​
Nova Eye Medical (ASX: EYE)​
FDA approved, insurer cleared and clinically proven​
We initiate coverage on Nova Eye Medical with a 12-month target price of $0.35, representing a 54% upside from the current share price of $0.23. Nova Eye Medical (ASX: EYE) is a globally operating business, focussed on the design, development, manufacturing, sales and distribution of innovative ophthalmological devices that have been clinically proven to treat glaucoma, and other eye diseases. Nova Eye operates across 2 main business segments: the Glaucoma Surgical Devices segment and the AlphaRET segment. Its revenues are sourced from across the USA, Europe, Asia Pacific, and Australia. The majority of its revenues are generated in the USA, within the Glaucoma Surgical Devices segment, and from its main product, iTrack™ Advance, which possesses clinically advantageous features vs competitor offerings.​
FDA-approved, clinically proven, surgeon-adopted, and insurer cleared​
Nova Eye’s proprietary technologies have been approved for use by the FDA in the USA and in Europe. Their efficacy is backed by positive clinical results, surgeonauthored studies and they have also been cleared for insurance reimbursement in the USA, setting the stage for rapid future growth. Also supporting our growth thesis is Nova Eye’s products’ novel approach to the treatment of glaucoma, which is being well received by surgeons. Nova Eye’s products have been pivotal in introducing a new paradigm for treatment. Its portfolio of glaucoma treatment options enables surgeons to intervene earlier in the disease, which is being shown as beneficial in comparison to the previous approach of availing medical therapy or more invasive procedures.​
Growing addressable market size adds to the growth thesis​
The market for glaucoma surgical devices is estimated to be $US 743 million, growing to $US1,341 million by 2028. This market itself is a subset of a larger US$5.6 billion market for glaucoma disease treatment, which includes expenditure on medications. The company’s current main product suite for the treatment of glaucoma, iTrack, which includes the flagship iTrack™ Advance, has been clinically proven to reduce the medication burden of glaucoma sufferers. Hence, if, as expected, this new treatment paradigm gains wider acceptance, a material share of that $5.6billion expenditure pool, which itself is growing, will be taken by treatment options such as those offered by Nova Eye. Nova Eye’s glaucoma product portfolio spans different stages of the disease cycle, and the company also has plans to commercialise its AlphaRET segment, which is focused on a different disease, age-related macular degeneration.​
Valuation range of A$0.32–0.39 per share​
Using the DCF methodology, we have calculated EYE’s intrinsic value to be A$0.32 per share in our base case scenario and A$0.39 per share in an optimistic scenario. Multiple levers exist for shareholder value creation, including a credible plan for further growth in the USA, increased global sales, and product enhancements/new product introductions. Main risks to our target price include uncertainties surrounding insurer reimbursement, and delayed cash generation.​
Loving the read? ​
Sincerely,​
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East Coast Research
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