Needham & Company LLC Forecasts Strong Price Appreciation for Ocular Therapeutix (NASDAQ:OCUL) Stock

Ocular Therapeutix (NASDAQ:OCUL) had its price target lifted by Needham & Company LLC from $15.00 to $20.00 in a research report released on Wednesday,Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock.

OCUL has been the topic of several other reports. Chardan Capital initiated coverage on shares of Ocular Therapeutix in a research report on Monday, September 15th. They issued a “buy” rating and a $21.00 price target on the stock. Citigroup reiterated an “outperform” rating on shares of Ocular Therapeutix in a research report on Wednesday. Scotiabank decreased their price target on shares of Ocular Therapeutix from $22.00 to $20.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, August 6th. Finally, JMP Securities increased their price target on shares of Ocular Therapeutix from $20.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Ten research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $22.13.

Ocular Therapeutix Stock Up 3.2%

OCUL opened at $11.41 on Wednesday. The company has a current ratio of 10.10, a quick ratio of 10.02 and a debt-to-equity ratio of 0.23. Ocular Therapeutix has a 1-year low of $5.78 and a 1-year high of $13.85. The company has a market capitalization of $1.99 billion, a PE ratio of -8.91 and a beta of 1.45. The firm’s 50 day simple moving average is $12.30 and its two-hundred day simple moving average is $9.72.

Ocular Therapeutix (NASDAQ:OCUL) last released its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.04). Ocular Therapeutix had a negative return on equity of 71.92% and a negative net margin of 382.51%.The business had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.12 million. During the same quarter in the previous year, the business posted ($0.26) earnings per share. The firm’s revenue was down 17.7% on a year-over-year basis. As a group, equities analysts forecast that Ocular Therapeutix will post -0.98 EPS for the current year.

Insider Transactions at Ocular Therapeutix

In related news, insider Jeffrey S. Heier sold 3,063 shares of the firm’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $12.04, for a total transaction of $36,878.52. Following the completion of the transaction, the insider directly owned 259,911 shares of the company’s stock, valued at approximately $3,129,328.44. This trade represents a 1.16% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Peter Kaiser sold 3,011 shares of the firm’s stock in a transaction on Monday, August 25th. The shares were sold at an average price of $12.04, for a total transaction of $36,252.44. Following the transaction, the insider directly owned 204,093 shares of the company’s stock, valued at $2,457,279.72. The trade was a 1.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 30,519 shares of company stock valued at $367,865 over the last three months. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Ocular Therapeutix

Institutional investors have recently bought and sold shares of the stock. Cubist Systematic Strategies LLC purchased a new position in Ocular Therapeutix during the first quarter valued at $1,011,000. Vontobel Holding Ltd. purchased a new position in shares of Ocular Therapeutix in the 1st quarter worth $79,000. GAMMA Investing LLC grew its stake in shares of Ocular Therapeutix by 6,760.0% in the 1st quarter. GAMMA Investing LLC now owns 8,232 shares of the biopharmaceutical company’s stock worth $60,000 after buying an additional 8,112 shares in the last quarter. Rhumbline Advisers grew its stake in shares of Ocular Therapeutix by 4.5% in the 1st quarter. Rhumbline Advisers now owns 223,115 shares of the biopharmaceutical company’s stock worth $1,635,000 after buying an additional 9,514 shares in the last quarter. Finally, Deltec Asset Management LLC grew its stake in shares of Ocular Therapeutix by 2.9% in the 2nd quarter. Deltec Asset Management LLC now owns 2,794,892 shares of the biopharmaceutical company’s stock worth $25,937,000 after buying an additional 78,519 shares in the last quarter. 59.21% of the stock is owned by hedge funds and other institutional investors.

Ocular Therapeutix Company Profile

Ocular Therapeutix, Inc, a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.