If you have been watching shares of Second Sight Medical Products Inc (NASDAQ:EYES) trade in the last hour you would have notice some pretty crazy price action. The stock had been trading down from it’s $5.14 open all day today until around 2:10 p.m ET today when shares suddenly shot up over 20% within 20 minutes. Since then the stock has settle down somewhat in the $5.80 to $5.90 range. The sudden movement has some investors wondering if news may have leaked of a possible buyout bid or acquisition, although there are no details of such as of right now.
Second Sight Medical Products Inc (NASDAQ:EYES) could very well be an acquisition target, but so too could dozens of other pharmaceutical companies as the space has heated up from an M & A standpoint. This price action may just be the result of a general trend within the pharma industry as of late It is interesting to note that the stock is heavily shorted. The stock is up 13.42% or $0.69 following the news, hitting $5.83 per share. About 721,314 shares traded hands or up 72.81% from the average. EYES has declined 56.70% since May 1, 2015 and is currently downtrending. It has underperformed the S&P500 by 56.50%.
Second Sight Medical Products, Inc. is a medical device firm that develops, makes and markets implantable visual prosthetics to restore some functional vision to blind patients. The company has a market cap of $213.58 million. The Company’s product, the Argus II System, treats outer retinal degenerations, such as retinitis pigmentosa . It currently has negative earnings. The Argus II System provides an artificial form of vision that differs from the vision that normally sighted people have.