This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Eyetech Gains Despite Loss

Shares of Eyetech Pharmaceuticals (EYET) rose Wednesday even though the company late Tuesday said that its third-quarter loss was greater than Wall Street had expected.

However, the real test for Eyetech comes in mid-December when the Food and Drug Administration is expected to rule on its application for Macugen, a drug for the sight-robbing disease called wet age-related macular degeneration, or AMD.

Two hours after markets had closed Tuesday, Eyetech said it lost $24.7 million, or 60 cents a share, on revenue of $13.5 million. The consensus view among analysts polled by Thomson First Call was for a loss of $17.8 million, or 35 cents a share, on revenue of $15.5 million.

For the same period last year, Eyetech lost $14.3 million, or $4.12 a share, on $12.4 million in revenue.

In early trading Wednesday, Eyetech's shares climbed 79 cents, or 1.9%, to $41.80.

Quarterly financial data is of secondary interest to analysts and investors right now because Eyetech has plenty of financial support from its marketing and development partner Pfizer (PFE - Get Report). The big issue is when -- and to what extent -- the FDA approves Macugen.

An FDA advisory panel reviewed the drug in late August. Although the panel didn't make a recommendation, analysts say they were encouraged by the proceedings and by comments from some committee members.

Investors in Eyetech have also been encouraged by competitors' recent setbacks.

On Oct. 14, Alcon (ACL) said a key late-stage clinical test showed no difference between its experimental steroid drug called Retaane vs. an existing therapy for wet AMD. Despite the results, Alcon vowed it would submit an application to the FDA by year-end.

Eight days later, Iridex (IRIX - Get Report), a small medical device firm, said preliminary results of its experimental laser treatment for wet AMD showed no significant difference vs. a placebo treatment. Iridex's treatment is called transpupillary thermotherapy, or TTT.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
IRIX $10.20 0.00%
NVS $100.40 0.00%
PFE $34.53 0.00%
QLT $22.26 0.00%
AAPL $123.25 0.00%

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs