It’s hard to not root for visual aid developer Second Sight Medical Products (NASDAQ:EYES), as the company works diligently to offer hope and solutions to those suffering from visual impairments. However, not everyone is convinced of the upside potential of EYES stock.
Admittedly, the stock has moved quickly in both directions during the past year. Sometimes it wasn’t so easy to be a shareholder.
However, the doubters and the short sellers were given a real wake-up call (and maybe a literal call from their brokers) in early March 2021.
The price action has been wild, but patience has paid off for the stakeholders. All in all, both the investors and the patients have very good reasons to celebrate the progress Second Sight has made.
EYES Stock at a Glance
It’s amazing to consider that EYES stock once traded as low as 69 cents during that past 52 weeks. Moreover, there were several months in which the bulls couldn’t seem to push the stock above $1.
Investors should consider the $1 level significant because the Nasdaq Exchange often de-lists stocks that trade below $1 for a long time.
Fortunately, bulls started to show signs of life late in 2020. They even managed to push the EYES stock price up to $1.87 by the end of the year.
And yet, that wasn’t even the end of the bull run. In early March 2021, the share price catapulted up to an astonishing 52-week high of $20.
A cooling-off period followed. Today, EYES stock trades around $12.88 per share.
Perhaps we’ll see another leg up in the share price soon.
A Personal Quest
Like I said earlier, Second Sight Medical Products is the kind of company that people like to root for. Perhaps this is because Second Sight focuses its efforts on vision restoration, which is such an important medical field.
Or maybe it’s because the company has a truly compelling origin story. One of the founders, Sam Williams, suffered from a condition known as retinitis pigmentosa (RP).
Williams and his company achieved significant milestones in combating this eye ailment. In 2011, Second Sight “achieved the first-ever regulatory approval for a technology able to restore useful vision to people with retinitis pigmentosa.”
The U.S. Food and Drug Administration (FDA) granted approval for the technology in 2013.
The implantable device was known as Argus II. And this isn’t be the only FDA green light that Second Sight has earned for its Argus products.
Visualizing a Better Future
March 5, 2021, was a big day for Second Sight’s stakeholders, and for the visual technology market as a whole.
On that day, the company announced that the FDA had approved the Argus 2s Retinal Prosthesis System. This is a “redesigned set of external hardware (glasses and video processing unit) initially for use in combination with previously implanted Argus II systems,” for the treatment of RP.
As you might expect, the 2s model features improvements over the previous Argus versions.
For one thing, the Argus 2s system features ergonomic improvements. Furthermore, it offers “significantly more processing power, potentially allowing for improved video processing.”
Reportedly, Second Sight is considering the best way to proceed with the Argus 2s system. Nonetheless, the regulatory approval is a watershed moment in itself.
Understandably, Second Sight and its CEO, Matthew Pfeffer, delivered the news with an optimistic tone.
His company is “very pleased to have received this approval.” As Pfeffer explains, it “presents an opportunity to offer external hardware that we believe enhance comfort and aesthetics compared with the legacy Argus II system.”
EYES Stock: The Takeaway
The FDA approval for the Argus 2s system should offer a renewed sense of hope for individuals suffering from RP.
If you’re on board with Second Sight’s vision for a better future for RP patients, consider placing EYES stock on your watch list today.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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