Sometimes the best market... doesn't exist yet 👁️

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Good morning, Folks, Jeff Bishop here.

One of my favorite “tactical” setups is when a company isn't trying to steal market share...

It's trying to create one.

Right now I’m dialed into a small biotech that's developing a treatment for a painful eye condition with zero FDA-approved therapies.

That means if the company succeeds, it won't be fighting four or five established competitors. 🥊

It could become the first company with an approved treatment for the disease.

And just this month, investors seem to be catching on…

The company's lead drug already has FDA Fast Track designation, which can lead to more frequent interaction with regulators and potentially speed the review process if future data supports it.

The early clinical results also stand out.

In a Phase 2 trial, 75% of patients receiving the drug experienced greater than an 80% reduction in pain. The results were strong enough that the company ended the study early so it could move into a pivotal 150-patient Phase 2b/3 trial.

Then there's the leadership…

Earlier this year, the company hired a CEO who previously helped build two of the biggest names in eye care.

He helped commercialize Xiidra before its $3.4 billion sale to Novartis, and also oversaw Restasis, another blockbuster eye drug.

That's not the resume you typically find running a dead-end biotech.

(I've laid out the full story here.)

Another thing that stands out is serious insider buying.

Executives can say all the right things during conference calls, but buying stock with their own money is a different story.

Last month, one of the company's directors stepped into the open market and purchased 300,000 shares.

That's the kind of vote of confidence I like to see.

Just yesterday, the company announced it will participate in a Piper Sandler ophthalmology symposium tomorrow, where its CEO and Chief Medical Officer will participate in a fireside chat moderated by one of the analysts who covers the stock with a Buy rating.

Meanwhile, the stock is already beginning to wake up, climbing roughly 16% so far in July.

Maybe that's all it amounts to, or maybe investors are beginning to connect the dots.

Either way, this is exactly the type of under-the-radar biotech setup I like to have on my screen before the opening bell.

Click here for the full details.

To Your Success,

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