Needham & Company LLC Raises Ocular Therapeutix (NASDAQ:OCUL) Price Target to $20.00

Key Points

• Needham & Company LLC has raised its price target for Ocular Therapeutix (NASDAQ:OCUL) from $15.00 to $20.00, indicating a potential upside of 80.42% from the current stock price.
• Ocular Therapeutix recently reported a quarterly loss of ($0.39) EPS, missing consensus estimates, despite revenue of $13.46 million which exceeded expectations.
• Institutional investors now own nearly 59.21% of Ocular Therapeutix's stock, reflecting increasing confidence in the company's market position.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) had its target price boosted by investment analysts at Needham & Company LLC from $15.00 to $20.00 in a report issued on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the biopharmaceutical company's stock. Needham & Company LLC's price target would indicate a potential upside of 80.42% from the stock's current price.

A number of other equities research analysts also recently issued reports on OCUL. Chardan Capital assumed coverage on shares of Ocular Therapeutix in a research note on Monday, September 15th. They set a "buy" rating and a $21.00 price target on the stock. JMP Securities upped their target price on shares of Ocular Therapeutix from $20.00 to $29.00 and gave the company a "market outperform" rating in a research report on Wednesday. Scotiabank dropped their price target 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. Finally, Citigroup reissued an "outperform" rating on shares of Ocular Therapeutix in a research note on Wednesday. Eight analysts have rated the stock with a Buy rating, Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $20.33.

Ocular Therapeutix Price Performance

Shares of Ocular Therapeutix stock traded down $0.61 on Wednesday, hitting $11.09. 4,109,188 shares of the company traded hands, compared to its average volume of 1,915,164. Ocular Therapeutix has a 52 week low of $5.78 and a 52 week high of $13.85. The business has a 50-day simple moving average of $12.35 and a 200 day simple moving average of $9.66. The company has a debt-to-equity ratio of 0.23, a quick ratio of 10.02 and a current ratio of 10.10. The stock has a market capitalization of $1.93 billion, a P/E ratio of -8.70 and a beta of 1.50.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last announced its quarterly 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). The company had revenue of $13.46 million during the quarter, compared to analysts' expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.26) EPS. Research analysts expect that Ocular Therapeutix will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Ocular Therapeutix

In other Ocular Therapeutix news, insider Jeffrey S. Heier sold 3,063 shares of the company's stock in a transaction dated Monday, August 25th. The shares were sold at an average price of $12.04, for a total value of $36,878.52. Following the transaction, the insider directly owned 259,911 shares in the company, valued at $3,129,328.44. This represents a 1.16% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Peter Kaiser sold 3,011 shares of the firm's 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 $36,252.44. Following the transaction, the insider directly owned 204,093 shares in the company, valued at approximately $2,457,279.72. This trade represents a 1.45% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,519 shares of company stock worth $367,865. Insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On Ocular Therapeutix

Institutional investors and hedge funds have recently bought and sold shares of the company. Nisa Investment Advisors LLC lifted its holdings in shares of Ocular Therapeutix by 62.9% in the 2nd quarter. Nisa Investment Advisors LLC now owns 3,604 shares of the biopharmaceutical company's stock worth $33,000 after buying an additional 1,392 shares during the period. Brooklyn Investment Group increased its position in Ocular Therapeutix by 151.5% during the 1st quarter. Brooklyn Investment Group now owns 5,238 shares of the biopharmaceutical company's stock valued at $38,000 after purchasing an additional 3,155 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Ocular Therapeutix by 17.0% in the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,154 shares of the biopharmaceutical company's stock valued at $57,000 after purchasing an additional 893 shares in the last quarter. GAMMA Investing LLC raised its holdings in shares of Ocular Therapeutix by 6,760.0% in the 1st quarter. GAMMA Investing LLC now owns 8,232 shares of the biopharmaceutical company's stock valued at $60,000 after purchasing an additional 8,112 shares in the last quarter. Finally, Trust Co. of Vermont lifted its position in shares of Ocular Therapeutix by 16.1% in the 2nd quarter. Trust Co. of Vermont now owns 7,200 shares of the biopharmaceutical company's stock worth $67,000 after purchasing an additional 1,000 shares during the period. 59.21% of the stock is owned by institutional investors.

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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