Needham & Company LLC Reaffirms Buy Rating for Ocular Therapeutix (NASDAQ:OCUL)

Key Points

• Needham & Company reaffirmed its Buy rating on Ocular Therapeutix with an $18 price target, implying 187.31% upside from the stock’s $6.27 price. The broader analyst consensus is “Moderate Buy,” with a $22.86 average target.
• Ocular Therapeutix shares fell 8.8% during Monday trading, near their 52-week low. The company reported a quarterly loss of $0.35 per share, which was better than estimates, while revenue of $13.48 million slightly exceeded forecasts.
• Insiders sold 62,720 shares worth approximately $556,247 over the past 90 days, though the sales were conducted under pre-arranged plans to cover tax obligations. Institutional investors and hedge funds own 59.21% of the company.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Needham & Company LLC in a research report issued to clients and investors on Monday, Benzinga reports. They currently have a $18.00 price objective on the biopharmaceutical company's stock. Needham & Company LLC's target price would suggest a potential upside of 187.31% from the company's current price.

A number of other research firms have also weighed in on OCUL. UBS Group started coverage on shares of Ocular Therapeutix in a research note on Sunday, October 11th. They issued a "buy" rating and a $14.00 price objective for the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Ocular Therapeutix in a research report on Thursday. Royal Bank Of Canada reiterated an "outperform" rating on shares of Ocular Therapeutix in a research report on Tuesday, September 29th. Chardan Capital reissued a "buy" rating and issued a $23.00 price objective on shares of Ocular Therapeutix in a research note on Friday, October 2nd. Finally, Zacks Research raised Ocular Therapeutix from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 12th. One analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $22.86.

Ocular Therapeutix Stock Down 8.8%

NASDAQ:OCUL traded down $0.61 during mid-day trading on Monday, reaching $6.27. The company's stock had a trading volume of 5,595,044 shares, compared to its average volume of 3,970,372. Ocular Therapeutix has a 1 year low of $6.00 and a 1 year high of $16.44. The stock has a fifty day moving average of $9.56 and a 200-day moving average of $9.24. The firm has a market capitalization of $1.38 billion, a PE ratio of -4.39 and a beta of 1.00. The company has a quick ratio of 13.03, a current ratio of 13.10 and a debt-to-equity ratio of 0.14.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last released its quarterly earnings data 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 company had revenue of $13.48 million during the quarter, compared to analyst estimates of $13.20 million. During the same period in the prior year, the firm earned ($0.39) earnings per share. The firm's revenue for the quarter was down .1% compared to the same quarter last year. Equities research analysts forecast that Ocular Therapeutix will post -1.47 earnings per share for the current year.

Insider Transactions at Ocular Therapeutix

In other Ocular Therapeutix news, insider Pravin Dugel sold 21,649 shares of Ocular Therapeutix 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 transaction, the insider owned 2,525,429 shares of the company's stock, valued at $27,198,870.33. The trade was a 0.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at 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 Peter Kaiser sold 9,990 shares of Ocular Therapeutix stock in a transaction that occurred on Friday, October 2nd. The stock was sold at an average price of $7.05, for a total value of $70,429.50. Following the transaction, the insider directly owned 254,388 shares in the company, valued at approximately $1,793,435.40. This trade represents a 3.78% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last ninety days, insiders sold 62,720 shares of company stock worth $556,247. 3.10% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Rockefeller Capital Management L.P. acquired a new position in Ocular Therapeutix during the fourth quarter worth approximately $31,000. Hilton Head Capital Partners LLC boosted its position in Ocular Therapeutix by 30.4% during the first quarter. Hilton Head Capital Partners LLC now owns 4,520 shares of the biopharmaceutical company's stock worth $38,000 after purchasing an additional 1,053 shares in the last quarter. Integrated Wealth Concepts LLC purchased a new stake in Ocular Therapeutix during the second quarter worth $51,000. Caitong International Asset Management Co. Ltd boosted its position in Ocular Therapeutix by 712.5% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 10,018 shares of the biopharmaceutical company's stock worth $122,000 after purchasing an additional 8,785 shares in the last quarter. Finally, Trust Co. of Vermont purchased a new stake in Ocular Therapeutix during the second quarter worth $112,000. Institutional investors and hedge funds 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.