Needham & Company LLC reaffirmed their buy rating on shares of Ocular Therapeutix (NASDAQ:OCUL – Free Report) in a research note released on Tuesday,Benzinga reports. They currently have a $18.00 price target on the biopharmaceutical company’s stock.
Several other brokerages have also recently weighed in on OCUL. Robert W. Baird boosted their price objective on Ocular Therapeutix from $24.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Wall Street Zen raised Ocular Therapeutix from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. HC Wainwright reiterated a “buy” rating and issued a $25.00 target price on shares of Ocular Therapeutix in a report on Wednesday, September 16th. Zacks Research raised Ocular Therapeutix from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Ocular Therapeutix in a report on Friday, July 17th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Ocular Therapeutix currently has an average rating of “Moderate Buy” and a consensus target price of $25.29.
Check Out Our Latest Stock Analysis on Ocular Therapeutix
Ocular Therapeutix Price Performance
Ocular Therapeutix (NASDAQ:OCUL – Get Free Report) last posted its 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. The firm had revenue of $13.47 million for the quarter, compared to the consensus estimate of $13.20 million. Ocular Therapeutix had a negative net margin of 579.10% and a negative return on equity of 59.89%. The business’s quarterly revenue was down .1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.39) EPS. Analysts anticipate that Ocular Therapeutix will post -1.47 earnings per share for the current fiscal year.
Insider Buying and Selling
In other Ocular Therapeutix news, insider Pravin Dugel sold 21,649 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $10.77, for a total transaction of $233,159.73. Following the completion of the transaction, the insider owned 2,525,429 shares in the company, valued at $27,198,870.33. The trade was a 0.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at 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. Also, insider Jeffrey S. Heier sold 3,296 shares of the company’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $10.78, for a total value of $35,530.88. Following the transaction, the insider directly owned 318,326 shares in the company, valued at approximately $3,431,554.28. This represents a 1.02% decrease in their position. The SEC filing for this sale provides additional information. 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 have sold 29,877 shares of company stock valued at $321,827 in the last ninety days. 3.10% of the stock is owned by company insiders.
Hedge Funds Weigh In On Ocular Therapeutix
A number of large investors have recently bought and sold shares of the business. Engineers Gate Manager LP bought a new position in Ocular Therapeutix in the 2nd quarter valued at $401,000. Integrated Wealth Concepts LLC bought a new stake in shares of Ocular Therapeutix during the second quarter worth $51,000. NewEdge Advisors LLC lifted its position in shares of Ocular Therapeutix by 21.7% during the second quarter. NewEdge Advisors LLC now owns 16,725 shares of the biopharmaceutical company’s stock worth $164,000 after purchasing an additional 2,979 shares during the last quarter. Squarepoint Ops LLC boosted its stake in shares of Ocular Therapeutix by 44.4% during the second quarter. Squarepoint Ops LLC now owns 1,415,913 shares of the biopharmaceutical company’s stock valued at $13,904,000 after purchasing an additional 435,156 shares during the period. Finally, Second Line Capital LLC boosted its stake in shares of Ocular Therapeutix by 20.9% during the second quarter. Second Line Capital LLC now owns 638,640 shares of the biopharmaceutical company’s stock valued at $6,271,000 after purchasing an additional 110,350 shares during the period. Hedge funds and other institutional investors own 59.21% of the company’s stock.
About Ocular Therapeutix
Ocular Therapeutix, Inc is a biopharmaceutical company focused on developing and commercializing therapies for diseases and conditions affecting the eye. The company uses its proprietary hydrogel-based formulation and delivery technologies to create sustained-release treatments intended to improve drug delivery, reduce dosing frequency and address unmet needs in ophthalmology.
Its commercial product is DEXTENZA, a corticosteroid ophthalmic insert that is placed in the canaliculus by a healthcare professional.
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