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Fly News Breaks for November 13, 2018
EYPT, OCUL
Nov 13, 2018 | 07:15 EDT
EyePoint Pharmaceuticals (EYPT) yesterday announced that the Centers for Medicare and Medicaid Services assigned a specific and permanent reimbursement J-code through the Healthcare Common Procedure Coding System for Dexycu, an injectable steroid administered after ocular surgery to control inflammation, H.C. Wainwright analyst Raghuram Selvaraju tells investors in a research note. This is an "exceptional event," as J-codes are usually issued to drugs used in office-based procedures and not to drugs associated with cataract surgery, which are reimbursed within a package price, says the analyst. He believes the Dexycu J-code indicates that CMS has changed its stance on steroids used in ocular surgery and is now willing to allow separate reimbursement for novel products in this category. This is "de-risking event" for Ocular Therapeutix's (OCUL) Dextenza, which has an FDA action date of December 28, Selvaraju says. He now believes it is highly likely that Dextenza could also secure a J-code after regulatory approval. The analyst reiterates a Buy rating on Ocular Therapeutix shares with a $10 price target.
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