Second Sight Medical Products, Inc. (NASDAQ:EYES) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.

According to Zacks, “Second Sight Medical Products, Inc. is a medical device company. It develops, manufactures, and markets implantable prosthetic devices to restore some functional vision to blind patients. The Company provides Argus II system, an implantable neurostimulation device for the treatment of outer retinal degenerations, such as retinitis pigmentosa. Second Sight Medical Products, Inc. is headquartered in Sylmar, California. “

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $5.00 price target on shares of Second Sight Medical Products in a research note on Thursday, July 6th.

Shares of Second Sight Medical Products (EYES) traded up 2.193% during mid-day trading on Tuesday, reaching $1.165. The company had a trading volume of 1,119,426 shares. The stock’s 50-day moving average price is $1.14 and its 200 day moving average price is $1.18. The company’s market capitalization is $66.17 million. Second Sight Medical Products has a 1-year low of $0.90 and a 1-year high of $3.51.

Second Sight Medical Products (NASDAQ:EYES) last released its quarterly earnings data on Tuesday, August 1st. The medical device company reported ($0.13) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.01. Second Sight Medical Products had a negative return on equity of 168.49% and a negative net margin of 646.89%. The company had revenue of $2.24 million for the quarter, compared to analyst estimates of $1.43 million. During the same quarter in the previous year, the company posted ($0.17) earnings per share. The firm’s revenue for the quarter was up 124.0% compared to the same quarter last year. Equities analysts expect that Second Sight Medical Products will post ($0.55) EPS for the current year.

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A hedge fund recently raised its stake in Second Sight Medical Products stock. BNP Paribas Arbitrage SA grew its holdings in Second Sight Medical Products, Inc. (NASDAQ:EYES) by 980,566.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 696,273 shares of the medical device company’s stock after purchasing an additional 696,202 shares during the period. BNP Paribas Arbitrage SA owned approximately 1.24% of Second Sight Medical Products worth $258,000 as of its most recent filing with the Securities & Exchange Commission. Hedge funds and other institutional investors own 13.07% of the company’s stock.

About Second Sight Medical Products

Second Sight Medical Products, Inc is engaged in developing, manufacturing and marketing prosthetic devices that restore vision to blind individuals. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa (RP). The Argus II System provides an artificial form of vision that differs from the vision of people with normal sight.

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