Chardan Capital Initiates Coverage on Ocular Therapeutix (NASDAQ:OCUL)

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 researchers at Chardan Capital assumed coverage on shares of Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage set a "buy" rating and a $21.00 price target on the biopharmaceutical company's stock. Chardan Capital's target price indicates a potential upside of 63.93% from the stock's current price.

Several other research analysts have also issued reports on the company. Scotiabank lowered their target price on Ocular Therapeutix from $22.00 to $20.00 and set a "sector outperform" rating for the company in a research report on Wednesday, August 6th. Needham & Company LLC raised their target price on Ocular Therapeutix from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday, August 5th. Finally, HC Wainwright reiterated a "buy" rating and set a $15.00 price target on shares of Ocular Therapeutix in a report on Thursday, May 29th. Six analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $17.83.

Ocular Therapeutix Stock Up 0.3%

Shares of NASDAQ:OCUL opened at $12.81 on Monday. The firm has a market cap of $2.23 billion, a P/E ratio of -10.01 and a beta of 1.50. The company has a quick ratio of 10.02, a current ratio of 10.10 and a debt-to-equity ratio of 0.23. Ocular Therapeutix has a 12-month low of $5.78 and a 12-month high of $13.85. The business has a fifty day simple moving average of $12.03 and a 200 day simple moving average of $9.27.

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

Insiders Place Their Bets

In other Ocular Therapeutix news, insider Peter Kaiser sold 3,011 shares of Ocular Therapeutix stock in a transaction that occurred on Monday, August 25th. The shares were sold at an average price of $12.04, for a total transaction of $36,252.44. Following the transaction, the insider owned 204,093 shares of the company's stock, valued at $2,457,279.72. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Pravin Dugel sold 21,494 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 $258,787.76. Following the completion of the sale, the insider directly owned 3,227,244 shares in the company, valued at $38,856,017.76. This trade represents a 0.66% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,519 shares of company stock valued at $367,865 in the last 90 days. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ocular Therapeutix

A number of hedge funds have recently modified their holdings of OCUL. Ameriprise Financial Inc. raised its holdings in shares of Ocular Therapeutix by 82.9% in the 4th quarter. Ameriprise Financial Inc. now owns 89,772 shares of the biopharmaceutical company's stock worth $767,000 after purchasing an additional 40,700 shares during the period. BNP Paribas Financial Markets raised its holdings in shares of Ocular Therapeutix by 110.6% in the 4th quarter. BNP Paribas Financial Markets now owns 75,400 shares of the biopharmaceutical company's stock worth $644,000 after purchasing an additional 39,599 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in shares of Ocular Therapeutix in the 4th quarter worth approximately $268,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in shares of Ocular Therapeutix by 3.3% in the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 88,463 shares of the biopharmaceutical company's stock worth $755,000 after purchasing an additional 2,853 shares during the period. Finally, Millennium Management LLC bought a new stake in shares of Ocular Therapeutix in the 4th quarter worth approximately $3,819,000. 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.

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