Bank of New York Mellon Corp Takes Position in Ocular Therapeutix, Inc. $OCUL

Key Points

• Bank of New York Mellon purchased 553,236 Ocular Therapeutix shares worth approximately $5.4 million, while institutional investors collectively own 59.21% of the company.
• Analyst sentiment is largely positive: 11 analysts rate OCUL a Buy, with a consensus “Moderate Buy” rating and an average price target of $25.75, well above the recent $10.64 share price.
• Ocular Therapeutix exceeded quarterly expectations, reporting an adjusted loss of $0.35 per share versus the $0.40 consensus estimate and revenue of $13.47 million; however, the company remains unprofitable with a projected full-year loss of $1.47 per share.

Bank of New York Mellon Corp purchased a new position in shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 553,236 shares of the biopharmaceutical company's stock, valued at approximately $5,433,000. Bank of New York Mellon Corp owned about 0.25% of Ocular Therapeutix as of its most recent SEC filing.

Other institutional investors also recently made changes to their positions in the company. GSA Capital Partners LLP bought a new position in Ocular Therapeutix during the 2nd quarter worth approximately $262,000. E. Ohman J or Asset Management AB raised its holdings in Ocular Therapeutix by 28.3% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 385,000 shares of the biopharmaceutical company's stock valued at $3,781,000 after buying an additional 85,000 shares during the last quarter. Handelsbanken Fonder AB grew its holdings in Ocular Therapeutix by 24.7% in the 2nd quarter. Handelsbanken Fonder AB now owns 86,400 shares of the biopharmaceutical company's stock worth $848,000 after acquiring an additional 17,100 shares during the last quarter. Defilade Capital Management L.P. grew its holdings in Ocular Therapeutix by 118.2% in the 1st quarter. Defilade Capital Management L.P. now owns 1,487,645 shares of the biopharmaceutical company's stock worth $12,600,000 after acquiring an additional 805,982 shares during the last quarter. Finally, Seven Fleet Capital Management LP grew its holdings in Ocular Therapeutix by 83.0% in the 1st quarter. Seven Fleet Capital Management LP now owns 31,296 shares of the biopharmaceutical company's stock worth $265,000 after acquiring an additional 14,196 shares during the last quarter. Hedge funds and other institutional investors own 59.21% of the company's stock.

Insider Activity at Ocular Therapeutix

In other news, insider Jeffrey S. Heier sold 3,296 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $10.78, for a total value of $35,530.88. Following the sale, the insider directly owned 318,326 shares in the company, valued at $3,431,554.28. The trade was a 1.02% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 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 3,035 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $10.77, for a total transaction of $32,686.95. Following the sale, the insider owned 264,378 shares in the company, valued at $2,847,351.06. This represents a 1.13% decrease in their ownership of the stock. 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 have sold a total of 29,877 shares of company stock valued at $321,827 over the last 90 days. 3.10% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts recently issued reports on OCUL shares. Zacks Research raised Ocular Therapeutix from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 12th. HC Wainwright reiterated a "buy" rating and issued a $25.00 price objective (up from $21.00) on shares of Ocular Therapeutix in a report on Thursday, June 18th. Robert W. Baird lifted their price objective on Ocular Therapeutix from $24.00 to $30.00 and gave the stock an "outperform" rating in a research report on Thursday, June 18th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ocular Therapeutix in a research note on Friday, July 17th. Finally, Chardan Capital restated a "buy" rating and set a $23.00 target price on shares of Ocular Therapeutix in a report on Tuesday, August 4th. Eleven analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ocular Therapeutix currently has an average rating of "Moderate Buy" and a consensus target price of $25.75.

Ocular Therapeutix Price Performance

Shares of NASDAQ:OCUL opened at $10.64 on Friday. The firm has a market cap of $2.34 billion, a price-to-earnings ratio of -7.49 and a beta of 0.97. The firm has a fifty day moving average price of $9.76 and a 200 day moving average price of $9.22. Ocular Therapeutix, Inc. has a fifty-two week low of $6.23 and a fifty-two week high of $16.44. The company has a debt-to-equity ratio of 0.14, a quick ratio of 13.03 and a current ratio of 13.10.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last issued its earnings results on Monday, August 3rd. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.05. The firm 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 59.89% and a negative net margin of 579.10%.The business's revenue was down .1% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.39) earnings per share. As a group, sell-side analysts expect that Ocular Therapeutix, Inc. will post -1.47 earnings per share for the current fiscal year.

Ocular Therapeutix 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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