Chardan Capital restated their buy rating on shares of Ocular Therapeutix (NASDAQ:OCUL – Free Report) in a report released on Tuesday,Benzinga reports. Chardan Capital currently has a $23.00 price target on the biopharmaceutical company’s stock.
Other equities research analysts have also recently issued reports about the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ocular Therapeutix in a research report on Friday, July 17th. Needham & Company LLC restated a “buy” rating and issued a $18.00 target price on shares of Ocular Therapeutix in a report on Tuesday, May 5th. Zacks Research cut shares of Ocular Therapeutix from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 14th. Robert W. Baird increased their price target on Ocular Therapeutix from $24.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $30.00 price objective on shares of Ocular Therapeutix in a research report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $25.75.
Read Our Latest Analysis on OCUL
Ocular Therapeutix Stock Performance
Ocular Therapeutix (NASDAQ:OCUL – Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.05. The firm had revenue of $13.47 million during the quarter, compared to analyst estimates of $13.20 million. Ocular Therapeutix had a negative net margin of 579.10% and a negative return on equity of 59.89%. The company’s revenue was down .1% compared to the same quarter last year. During the same quarter last year, the business earned ($0.39) EPS. As a group, research analysts forecast that Ocular Therapeutix will post -1.51 earnings per share for the current year.
Insider Buying and Selling at Ocular Therapeutix
In other news, insider Pravin Dugel sold 21,156 shares of Ocular Therapeutix stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $8.20, for a total value of $173,479.20. Following the completion of the sale, the insider owned 2,597,170 shares in the company, valued at $21,296,794. The trade was a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 28,999 shares of company stock valued at $237,792. Insiders own 3.10% of the company’s stock.
Institutional Investors Weigh In On Ocular Therapeutix
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Empire Life Investments Inc. lifted its holdings in shares of Ocular Therapeutix by 115.0% in the 4th quarter. Empire Life Investments Inc. now owns 540,115 shares of the biopharmaceutical company’s stock worth $6,557,000 after purchasing an additional 288,853 shares in the last quarter. Candriam S.C.A. increased its stake in Ocular Therapeutix by 12.8% during the 1st quarter. Candriam S.C.A. now owns 949,216 shares of the biopharmaceutical company’s stock valued at $8,040,000 after purchasing an additional 107,614 shares in the last quarter. Octagon Capital Advisors LP raised its holdings in Ocular Therapeutix by 20.7% during the first quarter. Octagon Capital Advisors LP now owns 3,166,600 shares of the biopharmaceutical company’s stock worth $26,821,000 after buying an additional 543,000 shares during the last quarter. Commodore Capital LP acquired a new position in Ocular Therapeutix during the first quarter worth $21,810,000. Finally, Prescott Group Capital Management L.L.C. bought a new position in shares of Ocular Therapeutix in the fourth quarter valued at $3,800,000. 59.21% of the stock is owned by institutional investors.
Ocular Therapeutix Company Profile
Ocular Therapeutix, Inc is a biopharmaceutical company dedicated to the development of innovative therapies for diseases and conditions of the eye. Founded in 2011 and headquartered in Bedford, Massachusetts, the company focuses on sustained-release drug delivery platforms designed to address key unmet needs in ophthalmology. Its proprietary hydrogel-based inserts and sealants aim to improve patient compliance and outcomes by providing controlled release of active pharmaceutical ingredients directly to ocular tissues.
The company’s flagship product, DEXTENZA®, is a preservative-free, sustained-release dexamethasone intracanalicular insert approved by the U.S.
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