Rhenman & Partners Asset Management AB Raises Stake in Ocular Therapeutix, Inc. $OCUL

Rhenman & Partners Asset Management AB increased its stake in Ocular Therapeutix, Inc. (NASDAQ:OCUL) by 31.2% during the fourth quarter, according to its most recent filing with the SEC. The fund owned 265,000 shares of the biopharmaceutical company’s stock after buying an additional 63,000 shares during the quarter. Rhenman & Partners Asset Management AB owned 0.12% of Ocular Therapeutix worth $3,217,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in OCUL. Millennium Management LLC boosted its holdings in shares of Ocular Therapeutix by 3,136.1% in the 3rd quarter. Millennium Management LLC now owns 3,855,706 shares of the biopharmaceutical company’s stock worth $45,073,000 after buying an additional 3,736,560 shares during the last quarter. Alliancebernstein L.P. raised its stake in Ocular Therapeutix by 2,003.2% in the 3rd quarter. Alliancebernstein L.P. now owns 3,424,439 shares of the biopharmaceutical company’s stock valued at $40,032,000 after acquiring an additional 3,261,619 shares during the period. Avoro Capital Advisors LLC raised its stake in Ocular Therapeutix by 38.5% in the 3rd quarter. Avoro Capital Advisors LLC now owns 10,250,000 shares of the biopharmaceutical company’s stock valued at $119,822,000 after acquiring an additional 2,850,000 shares during the period. Vanguard Group Inc. raised its stake in Ocular Therapeutix by 26.3% in the 4th quarter. Vanguard Group Inc. now owns 11,575,193 shares of the biopharmaceutical company’s stock valued at $140,523,000 after acquiring an additional 2,411,953 shares during the period. Finally, Balyasny Asset Management L.P. raised its stake in Ocular Therapeutix by 902.9% in the 3rd quarter. Balyasny Asset Management L.P. now owns 2,189,276 shares of the biopharmaceutical company’s stock valued at $25,593,000 after acquiring an additional 1,970,983 shares during the period. 59.21% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Pravin Dugel sold 21,156 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $8.20, for a total value of $173,479.20. Following the sale, the insider directly owned 2,597,170 shares of the company’s stock, valued at approximately $21,296,794. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 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 28,999 shares of company stock valued at $237,792 over the last quarter. Corporate insiders own 2.30% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Weiss Ratings restated a “sell (d-)” rating on shares of Ocular Therapeutix in a research note on Tuesday, April 21st. Citigroup restated an “outperform” rating on shares of Ocular Therapeutix in a research note on Tuesday, February 17th. Chardan Capital restated a “buy” rating and issued a $21.00 price objective on shares of Ocular Therapeutix in a research note on Wednesday, February 18th. Needham & Company LLC restated a “buy” rating and issued a $18.00 price objective on shares of Ocular Therapeutix in a research note on Tuesday, May 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $30.00 price objective on shares of Ocular Therapeutix in a research note on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Ocular Therapeutix currently has an average rating of “Moderate Buy” and an average target price of $23.78.

Ocular Therapeutix Trading Up 2.8%

Shares of Ocular Therapeutix stock opened at $8.94 on Friday. The stock’s 50-day simple moving average is $8.90 and its 200 day simple moving average is $10.01. Ocular Therapeutix, Inc. has a 52-week low of $6.23 and a 52-week high of $16.44. The stock has a market capitalization of $1.96 billion, a P/E ratio of -6.12 and a beta of 0.89. The company has a debt-to-equity ratio of 0.12, a quick ratio of 14.73 and a current ratio of 14.81.

About Ocular Therapeutix

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.