OCUL, FDMT Stock Clock Best Day In Weeks After EyePoint’s Trial Setback — Here’s Why

• OCUL stock clocked its best day since early July while FDMT marked its best day since August 2025. 
• Clear Street kept its ‘Buy’ rating on Ocular in the hope that the Eyepoint setback may ease competition for Ocular’s similar drug, Axpaxli.
• B. Riley’s Mayank Mamtani, meanwhile, held a ‘Buy’ on 4D Molecular at a $37 target.

Shares of Ocular Therapeutix (OCUL) and 4D Molecular (FDMT) closed higher on Monday after rival EyePoint Pharmaceuticals (EYPT) reported that its late-stage trial of DURAVYU, an experimental long-lasting eye implant for wet age-related macular degeneration (wet AMD), missed its main goal.

EYPT’s Loss A Win For OCUL, FDMT?

Clear Street kept its ‘Buy’ rating on Ocular in the hope that the Eyepoint setback may ease competition for Ocular’s similar drug, Axpaxli, though different trial setups make direct comparisons tricky.

Ocular’s Axpaxli has already shown positive late-stage results and aims for an FDA filing later this year. Both firms are racing to offer longer-lasting options that cut the frequent shots many wet AMD patients now need.

B. Riley’s Mayank Mamtani, meanwhile, held a ‘Buy’ on 4D Molecular (FDMT) at a $37 target. The outcome helps 4D-150’s case, as its trial rules would exclude most of the problem cases seen in Eyepoint’s trial, and its approach builds on the same proven molecule used in the control arm, the analyst said.

4D-150 is a one-time eye injection gene therapy that aims to deliver long-lasting treatment for wet AMD for several years. The setback for Duravyu improves the outlook for 4D-150, which has already finished enrolling patients in its two late-stage Phase 3 trials, with main results expected in 2027, and earlier showed strong two-year data with lasting benefits and far fewer treatments needed.

OCUL stock clocked its best day since early July on Monday with a 6% gain while FDMT marked its best day since August 2025 with a 19% gain.

EyePoint’s Disappointing Trial Results

EyePoint’s official results from the LUGANO study found that the main measure of vision improvement did not match the standard treatment, Eylea (aflibercept), across all patients. The company pointed to nine patients in the DURAVYU group—about 4% of that arm—who lost significant vision for reasons unrelated to wet AMD. No such cases appeared in the Eylea group.

When those nine patients were left out in a follow-up review, DURAVYU performed as well as Eylea on improving vision. Other results looked stronger: patients needed about 42% fewer eye injections overall (roughly two fewer shots over a year). More than half stayed free of extra shots for a full year, and the implant controlled fluid buildup in the retina nearly as well as the standard drug. Safety was good, with no major new concerns from repeated doses.

EyePoint CEO Jay S. Duker said the secondary findings were “clinically meaningful.” The company still expects results from a matching second trial later this year and hopes to seek FDA approval in the first half of 2027.

Laidlaw’s Yale Jen cut EyePoint’s price target to $48 from $50 but kept a 'Buy.' The miss was surprising yet likely a one-time issue from that small group of patients; solid secondary results and safety suggest the second trial should fare better, supporting strong approval odds, they said.

Shares of the company, however, dived 67%, clocking the stock’s worst day ever.

How Did Retail Traders React?

On Stocktwits, retail sentiment around OCUL stock was extremely bullish at the time of writing, while sentiment around FDMT remained bullish.

While OCUL stock has fallen 12% year-to-date, FDMT has nearly doubled. 

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