Chardan Capital Reiterates "Buy" Rating for Ocular Therapeutix (NASDAQ:OCUL)

Key Points

• Chardan Capital reaffirmed its “Buy” rating on Ocular Therapeutix with a $23 price target, implying 173.81% upside from the previous close. Overall, analysts give the stock a “Moderate Buy” consensus rating with an average target of $25.11.
• Ocular Therapeutix reported quarterly EPS of -$0.35, beating the consensus estimate of -$0.40, while revenue of $13.47 million slightly exceeded expectations. The company remains unprofitable, with a negative net margin of 558.24%.
• OCUL shares opened at $8.40 and have traded between $6.23 and $16.44 over the past year; institutional investors own 59.21% of the stock, while insiders have recently sold shares primarily to cover tax obligations.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report)'s stock had its "buy" rating reaffirmed by equities research analysts at Chardan Capital in a report released on Tuesday,Benzinga reports. They presently have a $23.00 price target on the biopharmaceutical company's stock. Chardan Capital's target price suggests a potential upside of 173.81% from the company's previous close.

Several other research firms have also issued reports on OCUL. Zacks Research lowered shares of Ocular Therapeutix from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 14th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Ocular Therapeutix in a report on Friday, July 17th. HC Wainwright reissued a "buy" rating and set a $25.00 target price (up from $21.00) on shares of Ocular Therapeutix in a report on Thursday, June 18th. Needham & Company LLC restated a "buy" rating and set a $18.00 target price on shares of Ocular Therapeutix in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $30.00 price target on shares of Ocular Therapeutix in a report on Wednesday, May 6th. Twelve research analysts have rated the stock with a Buy rating and two have issued a Sell rating to the company. According to MarketBeat.com, Ocular Therapeutix has a consensus rating of "Moderate Buy" and an average price target of $25.11.

Ocular Therapeutix Stock Performance

Shares of OCUL opened at $8.40 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 14.81 and a quick ratio of 14.73. The firm has a market cap of $1.84 billion, a PE ratio of -5.75 and a beta of 0.93. Ocular Therapeutix has a 1 year low of $6.23 and a 1 year high of $16.44. The stock's fifty day moving average price is $9.15 and its two-hundred day moving average price is $9.17.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.05. The business had revenue of $13.47 million for the quarter, compared to analysts' expectations of $13.20 million. Ocular Therapeutix had a negative return on equity of 64.28% and a negative net margin of 558.24%.The firm's quarterly revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.39) EPS. On average, equities research analysts forecast that Ocular Therapeutix will post -1.59 EPS for the current year.

Insiders Place Their Bets

In related news, insider Pravin Dugel sold 21,156 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $8.20, for a total transaction of $173,479.20. Following the sale, the insider owned 2,597,170 shares of the company's stock, valued at approximately $21,296,794. This represents a 0.81% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible 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. Over the last 90 days, insiders have sold 28,999 shares of company stock worth $237,792. Corporate insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. 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 valued at $38,000 after buying an additional 1,053 shares during the period. Steward Partners Investment Advisory LLC increased its holdings in shares of Ocular Therapeutix by 124.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,242 shares of the biopharmaceutical company's stock worth $27,000 after buying an additional 1,242 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Ocular Therapeutix by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 72,618 shares of the biopharmaceutical company's stock valued at $674,000 after acquiring an additional 1,314 shares during the last quarter. Rafferty Asset Management LLC lifted its stake in shares of Ocular Therapeutix by 21.2% in the 2nd quarter. Rafferty Asset Management LLC now owns 13,413 shares of the biopharmaceutical company's stock valued at $124,000 after acquiring an additional 2,343 shares during the last quarter. Finally, Rockefeller Capital Management L.P. purchased a new stake in Ocular Therapeutix during the 4th quarter valued at about $31,000. 59.21% of the stock is currently owned by hedge funds and other institutional investors.

Ocular Therapeutix Company Profile

Ocular Therapeutix, Inc is a biopharmaceutical company dedicated to the development of innovative therapies for diseases and conditions of the eye. Founded in 2011 and headquartered in Bedford, Massachusetts, the company focuses on sustained-release drug delivery platforms designed to address key unmet needs in ophthalmology. Its proprietary hydrogel-based inserts and sealants aim to improve patient compliance and outcomes by providing controlled release of active pharmaceutical ingredients directly to ocular tissues.

The company's flagship product, DEXTENZA®, is a preservative-free, sustained-release dexamethasone intracanalicular insert approved by the U.S.

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