Ocular Therapeutix (NASDAQ:OCUL) Earns Buy Rating from Chardan Capital

Ocular Therapeutix (NASDAQ:OCUL)‘s stock had its “buy” rating reissued by stock analysts at Chardan Capital in a report released on Friday, Benzinga reports. They presently have a $23.00 price objective on the biopharmaceutical company’s stock. Chardan Capital’s price target would indicate a potential upside of 225.55% from the stock’s previous close.

Other research analysts have also recently issued research reports about the stock. Zacks Research raised shares of Ocular Therapeutix from a “strong sell” rating to a “hold” rating in a report on Wednesday, August 12th. Robert W. Baird increased their target price on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the stock an “outperform” rating in a report on Thursday, June 18th. Needham & Company LLC reissued a “buy” rating and issued a $18.00 target price on shares of Ocular Therapeutix in a report on Tuesday. Royal Bank Of Canada reissued an “outperform” rating on shares of Ocular Therapeutix in a report on Tuesday. Finally, Wall Street Zen raised shares of Ocular Therapeutix from a “sell” rating to a “hold” rating in a report on Saturday, August 8th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Ocular Therapeutix currently has a consensus rating of “Moderate Buy” and a consensus price target of $25.29.

Ocular Therapeutix Price Performance

Ocular Therapeutix stock traded down $0.23 during trading hours on Friday, reaching $7.07. 1,775,462 shares of the stock were exchanged, compared to its average volume of 3,980,039. The company has a market cap of $1.55 billion, a P/E ratio of -4.98 and a beta of 1.00. The company has a current ratio of 13.10, a quick ratio of 13.03 and a debt-to-equity ratio of 0.14. Ocular Therapeutix has a twelve month low of $6.23 and a twelve month high of $16.44. The stock has a 50 day moving average of $9.83 and a two-hundred day moving average of $9.30.

Ocular Therapeutix (NASDAQ:OCUL) last announced its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.40) by $0.05. The firm had revenue of $13.48 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 revenue for the quarter was down .1% on a year-over-year basis. During the same period in the prior year, the company posted ($0.39) earnings per share. Equities analysts expect that Ocular Therapeutix will post -1.47 EPS for the current fiscal year.

Insider Activity at Ocular Therapeutix

In related news, insider Peter Kaiser sold 3,035 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 value of $32,686.95. Following the completion of the transaction, the insider owned 264,378 shares in the company, valued at $2,847,351.06. This trade represents a 1.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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 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 completion of the transaction, the insider owned 2,525,429 shares of the company’s stock, valued at approximately $27,198,870.33. This trade represents a 0.85% 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 sold a total of 29,877 shares of company stock worth $321,827 in the last quarter. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. BlackRock Inc. bought a new position in Ocular Therapeutix in the 2nd quarter valued at approximately $190,278,000. Avoro Capital Advisors LLC raised its holdings in Ocular Therapeutix by 5.1% in 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 during the last quarter. Summer Road LLC raised its holdings in Ocular Therapeutix by 6.9% in 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 during the last quarter. Octagon Capital Advisors LP raised its holdings in Ocular Therapeutix by 20.7% in 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 during the last quarter. Finally, Commodore Capital LP bought a new position in Ocular Therapeutix in the 1st quarter valued at approximately $21,810,000. 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.