Eyes Stock Price: Second Sight Medical continues to strengthen

Update March 9: Shares in EYES continue to trade strongly, up 28% at $15 at the time of writing. The braod market is certainly helping with tech stocks up nearly 4% as the Nasdaq recovers ground. EYES is still gaining on the back of FDA news late last week.

Second Sight Medical (EYES) shares soared on Friday as the company announced it had received FDA approval for its Argus 2 retinal prosthesis system. Shares in EYES soared over 300%, closing at $5.79. The shares traded as high as $9.89.

Second Sight Medical is a medical device company specializing in helping create prosthetic devices to help restore vision to blind people. From the company's own website it states "A deeply purpose-driven company from the start, Second Sight has its roots in a forward-looking partnership between retinitis pigmentosa sufferer Dr. Sam Williams and pioneering medical philanthropist Dr. Alfred Mann. In 1998, the partnership expanded to include Dr. Robert Greenberg, Aaron Mendelsohn and Gunnar Bjorg, with the team working tirelessly to bring Second Sight’s vision-restoring innovation to fruition. In 2011, Second Sight achieved the first-ever regulatory approval for a technology able to restore useful vision to people with retinitis pigmentosa. FDA approval followed in 2013".

The Argus 2 is a tiny implant that goes in behind the eye and is then combined with patient-worn camera glasses to help provide a form of vision the patient otherwise would not have. 

The current market cap of EYES is $134 million.

EYES Stock News

So on Friday, the shares rocketed on the back of this press release "Second Sight Medical Products  (NASDAQ:EYES) a leading developer and marketer of implantable visual prosthetics that are intended to create an artificial form of useful vision for blind individuals, today announced  U.S. Food and Drug Administration  (FDA) has approved the  Argus  2s Retinal Prosthesis System, 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 retinitis pigmentosa (RP). The Company expects that the  Argus  2s will be adapted to be the external system for the next generation Orion Visual Cortical Prosthesis System currently under development."

FDA approval is obviously the goal of any medical device company and the market took the news well sending the shares sharply higher. At one stage it looked like $10 could be broken but the shares settled back to close at $5.79, still a huge gain of over 300%.

Second Sight Medical (EYES) is due to release results on Thursday, March 18 but this is not yet confirmed.

Previous updates

Update, March 8: Second Sight Medical Products Inc (NASDAQ: EYES) has kicked off Monday's trading session with a surge of over 113% to $12.34. Investors are jumping on the California-based company's big news from the FDA described below. The last time that the stock was worth this much was back in late 2018. 

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