Second Sight Medical Products, Inc. (NASDAQ:EYES) shot up 6.9% on Friday following a better than expected earnings announcement. The stock traded as high as $1.27 and last traded at $1.16. 402,031 shares were traded during trading, a decline of 20% from the average session volume of 501,390 shares. The stock had previously closed at $1.08.

The medical device company reported ($0.12) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The firm had revenue of $1.61 million for the quarter, compared to analyst estimates of $1.54 million. Second Sight Medical Products had a negative return on equity of 171.77% and a negative net margin of 565.12%.

A number of research firms recently issued reports on EYES. Zacks Investment Research upgraded Second Sight Medical Products from a “sell” rating to a “hold” rating in a research note on Wednesday, September 13th. HC Wainwright set a $5.00 price objective on Second Sight Medical Products and gave the company a “buy” rating in a research note on Tuesday, October 17th.

An institutional investor recently raised its position in Second Sight Medical Products stock. Vanguard Group Inc. lifted its stake in shares of Second Sight Medical Products, Inc. (NASDAQ:EYES) by 0.7% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 843,462 shares of the medical device company’s stock after purchasing an additional 5,973 shares during the quarter. Vanguard Group Inc. owned 1.50% of Second Sight Medical Products worth $1,062,000 as of its most recent SEC filing. Institutional investors and hedge funds own 13.06% of the company’s stock.

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Second Sight Medical Products Company Profile

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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