Wall Street Zen upgraded shares of Ocular Therapeutix (NASDAQ:OCUL – Free Report) from a sell rating to a hold rating in a research note published on Saturday morning.
OCUL has been the subject of several other research reports. Zacks Research cut shares of Ocular Therapeutix from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 14th. HC Wainwright reaffirmed a “buy” rating and set a $25.00 price objective (up from $21.00) on shares of Ocular Therapeutix in a research note on Thursday, June 18th. Chardan Capital reaffirmed a “buy” rating and set a $23.00 price objective on shares of Ocular Therapeutix in a research note on Tuesday, August 4th. Robert W. Baird upped their price objective on Ocular Therapeutix from $24.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Ocular Therapeutix in a research note on Friday, July 17th. Eleven research analysts have rated the stock with a Buy rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $25.75.
Read Our Latest Analysis on OCUL
Ocular Therapeutix Stock Up 5.1%
Ocular Therapeutix (NASDAQ:OCUL – Get Free Report) last posted its quarterly earnings results on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.05. Ocular Therapeutix had a negative net margin of 579.10% and a negative return on equity of 59.89%. The business had revenue of $13.47 million during the quarter, compared to the consensus estimate of $13.20 million. During the same period in the previous year, the firm posted ($0.39) earnings per share. Ocular Therapeutix’s revenue for the quarter was down .1% compared to the same quarter last year. Equities analysts expect that Ocular Therapeutix will post -1.5 EPS for the current year.
Insiders Place Their Bets
In other Ocular Therapeutix news, insider Pravin Dugel sold 21,156 shares of Ocular Therapeutix stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $8.20, for a total transaction of $173,479.20. Following the transaction, the insider directly owned 2,597,170 shares in the company, valued at approximately $21,296,794. The trade was a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible 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. Insiders sold 28,999 shares of company stock worth $237,792 in the last 90 days. Insiders own 3.10% of the company’s stock.
Hedge Funds Weigh In On Ocular Therapeutix
Several institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new stake in shares of Ocular Therapeutix in the second quarter valued at approximately $190,278,000. Summer Road LLC grew its position in Ocular Therapeutix by 6.9% in the first quarter. Summer Road LLC now owns 11,879,825 shares of the biopharmaceutical company’s stock valued at $100,622,000 after purchasing an additional 771,270 shares in the last quarter. Vanguard Group Inc. grew its position in Ocular Therapeutix by 26.3% in the fourth quarter. Vanguard Group Inc. now owns 11,575,193 shares of the biopharmaceutical company’s stock valued at $140,523,000 after purchasing an additional 2,411,953 shares in the last quarter. Avoro Capital Advisors LLC grew its position in Ocular Therapeutix by 5.1% in the fourth quarter. Avoro Capital Advisors LLC now owns 10,777,777 shares of the biopharmaceutical company’s stock valued at $130,842,000 after purchasing an additional 527,777 shares in the last quarter. Finally, TCG Crossover Management LLC increased its stake in Ocular Therapeutix by 15.0% in the 3rd quarter. TCG Crossover Management LLC now owns 6,117,232 shares of the biopharmaceutical company’s stock valued at $71,510,000 after buying an additional 798,084 shares during the last quarter. Institutional investors own 59.21% of the company’s stock.
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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