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Saturday, June 19, 2021

Why Second Sight Medical Products, Inc. (EYES) rallied today?

Second Sight Medical Products, Inc. (EYES) is popping high in the current market today. The EYES stock price saw a jump of 98.10% or $5.68 to reach $11.47 a share at the time of this writing. On Friday, the U.S Food and Drug Administration (FDA) approved Argus 2s Retinal Prosthesis System of Second Sight Medical Products, Inc. after which the price of EYES stock reached $5.79 with a breathtaking 304.90% gain at the time of closing. Let’s understand more of it.


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What’s happening?

There is no news, press release, or analyst upgrade today to explain the bullish sentiment but it seems that EYES stock got the momentum on Friday after it got approval from U.S Food and Administration (FDA) for its Argus 2s Retinal Prosthesis System. This system consists of pair of glasses and a camera that is used by people who suffer retinitis pigmentosa (RP). Retinal Prosthesis System, which is used alongside Argus II implant, provides better ergonomics and powerful processing power. The company is working on Orion Visual Cortical Prosthesis System in which it will use Argus 2s Retinal Prosthesis System.

Orion Visual Cortical Prosthesis System suffered delayed in its development due to the escalation of the Coronavirus pandemic.Second Sight restarted Early Feasibility Study on Orion Visual Cortical Prosthesis System at UCLA Medical Center in September 2020.The study includes six participants in total out of which four belong to UCLA and two belong to Baylor College of Medicine.

Orion technology is mainly intended to help blind individuals.The images capture by a miniature camera in glasses are converted by Orion into series of small electrical pulses that are transferred to the visual cortex of the individual’s brain via implanted electrodes.

Second Sight Medical Products, Inc is expected to report its earnings on the 18th of March 2021.The EYES stock reported $0.47 earnings per share for the same quarter last year.

Conclusion:

Things are going well for the EYES stock after the approval of Argus 2s Retinal Prosthesis System by the U.S Food and administration system. The EYES stock price saw a huge price in recent days. The company is speedily working on the development of the Orion Visual Cortical Prosthesis System which will be the advanced treatment of retinitis pigmentosa (RP).

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