Ocular Therapeutix’s (OCUL) “Buy” Rating Reaffirmed at Chardan Capital

Ocular Therapeutix (NASDAQ:OCUL)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a research report issued on Friday, Benzinga reports. They presently have a $23.00 price target on the biopharmaceutical company’s stock. Chardan Capital’s price objective would indicate a potential upside of 230.46% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ocular Therapeutix in a research note on Friday, July 17th. Robert W. Baird raised their target price on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Royal Bank Of Canada restated an “outperform” rating on shares of Ocular Therapeutix in a research report on Tuesday. Zacks Research upgraded Ocular Therapeutix from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 12th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $18.00 target price on shares of Ocular Therapeutix in a research report on Tuesday. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ocular Therapeutix presently has an average rating of “Moderate Buy” and an average price target of $25.29.

Ocular Therapeutix Stock Performance

OCUL traded down $0.33 during midday trading on Friday, hitting $6.96. 4,957,305 shares of the company traded hands, compared to its average volume of 3,998,246. The company has a quick ratio of 13.03, a current ratio of 13.10 and a debt-to-equity ratio of 0.14. The firm has a market capitalization of $1.53 billion, a PE ratio of -4.90 and a beta of 1.00. The company’s 50-day moving average is $9.83 and its 200 day moving average is $9.30. Ocular Therapeutix has a 52 week low of $6.23 and a 52 week high of $16.44.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $13.48 million for the quarter, compared to analysts’ expectations of $13.20 million. During the same quarter in the prior year, the business earned ($0.39) EPS. The business’s quarterly revenue was down .1% on a year-over-year basis. On average, research analysts expect that Ocular Therapeutix will post -1.47 EPS for the current year.

Insider Activity at Ocular Therapeutix

In other news, insider Pravin Dugel sold 21,649 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $10.77, for a total transaction of $233,159.73. Following the sale, the insider owned 2,525,429 shares of the company’s stock, valued at $27,198,870.33. This trade represents a 0.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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. Also, insider Peter Kaiser sold 3,035 shares of the firm’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 $32,686.95. Following the sale, the insider directly owned 264,378 shares in the company, valued at $2,847,351.06. The trade was a 1.13% 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 a total of 29,877 shares of company stock worth $321,827 over the last quarter. Insiders own 3.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. BlackRock Inc. purchased a new position in shares of Ocular Therapeutix during the 2nd quarter valued at approximately $190,278,000. Avoro Capital Advisors LLC lifted its position in shares of Ocular Therapeutix by 5.1% during the 4th quarter. Avoro Capital Advisors LLC now owns 10,777,777 shares of the biopharmaceutical company’s stock valued at $130,842,000 after buying an additional 527,777 shares in the last quarter. Summer Road LLC lifted its position in shares of Ocular Therapeutix by 6.9% during the 1st quarter. Summer Road LLC now owns 11,879,825 shares of the biopharmaceutical company’s stock valued at $100,622,000 after buying an additional 771,270 shares in the last quarter. Octagon Capital Advisors LP lifted its position in shares of Ocular Therapeutix by 20.7% during the 1st quarter. Octagon Capital Advisors LP now owns 3,166,600 shares of the biopharmaceutical company’s stock valued at $26,821,000 after buying an additional 543,000 shares in the last quarter. Finally, Commodore Capital LP purchased a new position in shares of Ocular Therapeutix during the 1st quarter valued at approximately $21,810,000. Hedge funds and other institutional investors own 59.21% of the company’s stock.

Ocular Therapeutix Company Profile

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.