OYST popping 7% today in a down market

Shares of Oyster Point Pharma Inc (OYST) are trading 7% higher at a price of $7.41 at the time of this writing. The stock's price action is strongly outpacing it's peers on what is quickly becoming a slightly dispirited day for the Health Care sector.

The company announced an earning miss several days ago, but also announced that the largest Medicare Pharmacy Benefit Manager in the United States will add TYRVAYA® Nasal Spray to their list of covered drugs. Regardless of what is moving the stock, the share price is surging upward on a day when the rest of the market is heading down, which is a bullish signal.

Oyster Point Pharma Inc has been trading between a 52-week high of $19.98 and a 52-week low of $3.46. The stock has a market cap of $199 Million.

Oyster Point Pharma is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of first-in-class pharmaceutical therapies to treat ocular surface diseases. Oyster Point Pharma's lead product candidate, OC-01 (varenicline) nasal spray, a highly selective cholinergic agonist, is being developed as a nasal spray to treat the signs and symptoms of dry eye disease. In pre-clinical and clinical studies, OC-01 (varenicline) nasal spray was shown to have a novel mechanism of action via activation of the trigeminal parasympathetic pathway to stimulate the glands and cells responsible for natural tear film production, known as the lacrimal functional unit.