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

Key Points

• Chardan Capital has initiated coverage on Ocular Therapeutix with a "buy" rating and a price target of $21.00, indicating a potential upside of 63.93% from the current stock price of $12.81.
• Recent earnings reports show that Ocular Therapeutix missed estimates on EPS, reporting ($0.39), while also noting a 17.7% decline in quarterly revenue year-over-year.
• Insiders have sold a total of 30,519 shares valued at $367,865 in the last 90 days, with 2.30% of the stock currently owned by corporate insiders.

Equities research analysts at Chardan Capital began coverage on shares of Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) in a research report issued to clients and investors on Monday, MarketBeat.com reports. The brokerage set a "buy" rating and a $21.00 price target on the biopharmaceutical company's stock. Chardan Capital's target price suggests a potential upside of 75.95% from the company's previous close.

OCUL has been the topic of several other research reports. HC Wainwright restated a "buy" rating and issued a $15.00 price target on shares of Ocular Therapeutix in a research note on Thursday, May 29th. Scotiabank decreased their target price on shares of Ocular Therapeutix from $22.00 to $20.00 and set a "sector outperform" rating for the company in a research note on Wednesday, August 6th. Finally, Needham & Company LLC upped their price target on shares of Ocular Therapeutix from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Tuesday, August 5th. Six research analysts have rated the stock with a Buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $17.83.

Ocular Therapeutix Stock Down 6.1%

Ocular Therapeutix stock traded down $0.78 during midday trading on Monday, hitting $11.94. The stock had a trading volume of 1,026,196 shares, compared to its average volume of 1,856,457. The business has a fifty day moving average price of $12.20 and a 200 day moving average price of $9.39. Ocular Therapeutix has a 12 month low of $5.78 and a 12 month high of $13.85. The stock has a market cap of $2.08 billion, a P/E ratio of -9.32 and a beta of 1.50. The company has a current ratio of 10.10, a quick ratio of 10.02 and a debt-to-equity ratio of 0.23.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.04). Ocular Therapeutix had a negative return on equity of 71.92% and a negative net margin of 382.51%.The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.12 million. During the same quarter in the previous year, the business posted ($0.26) EPS. Ocular Therapeutix's revenue was down 17.7% compared to the same quarter last year. Research analysts predict that Ocular Therapeutix will post -0.98 EPS for the current year.

Insider Buying and Selling at Ocular Therapeutix

In other news, insider Jeffrey S. Heier sold 3,063 shares of Ocular Therapeutix stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $12.04, for a total transaction of $36,878.52. Following the sale, the insider owned 259,911 shares of the company's stock, valued at approximately $3,129,328.44. This trade represents a 1.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Peter Kaiser sold 3,011 shares of Ocular Therapeutix stock in a transaction that occurred on Monday, August 25th. The stock was sold at an average price of $12.04, for a total value of $36,252.44. Following the sale, the insider directly owned 204,093 shares in the company, valued at $2,457,279.72. The trade was a 1.45% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,519 shares of company stock valued at $367,865 in the last 90 days. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ocular Therapeutix

Several institutional investors have recently bought and sold shares of the business. Osaic Holdings Inc. raised its position in Ocular Therapeutix by 19,194.3% in the 2nd quarter. Osaic Holdings Inc. now owns 67,530 shares of the biopharmaceutical company's stock valued at $627,000 after purchasing an additional 67,180 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Ocular Therapeutix by 96.6% during the second quarter. China Universal Asset Management Co. Ltd. now owns 61,995 shares of the biopharmaceutical company's stock worth $575,000 after acquiring an additional 30,460 shares in the last quarter. Marex Group plc bought a new stake in Ocular Therapeutix during the second quarter worth about $115,000. Hudson Bay Capital Management LP bought a new position in shares of Ocular Therapeutix during the second quarter worth approximately $502,000. Finally, Second Line Capital LLC increased its stake in shares of Ocular Therapeutix by 11.4% during the second quarter. Second Line Capital LLC now owns 385,467 shares of the biopharmaceutical company's stock worth $3,577,000 after purchasing an additional 39,369 shares during the period. Institutional investors own 59.21% of the company's stock.

Ocular Therapeutix Company Profile

Ocular Therapeutix, Inc, a biopharmaceutical company, focuses on the formulation, development, and commercialization of therapies for diseases and conditions of the eye using its bioresorbable hydrogel-based formulation technology in the United States. The company markets DEXTENZA, a dexamethasone ophthalmic insert to treat post-surgical ocular inflammation and pain following ophthalmic surgery, as well as allergic conjunctivitis.