Ocular Therapeutix (NASDAQ:OCUL) Sets New 1-Year High - Here's What Happened

Key Points

• Ocular Therapeutix (NASDAQ:OCUL) shares reached a new 52-week high of $12.65, reflecting a significant increase in trading volume with 2,417,540 shares changing hands.
• Analyst ratings for Ocular Therapeutix are generally positive, with multiple firms reiterating a "buy" rating, and an average price target of $17.20.
• The company reported negative earnings with an EPS of ($0.39), which was lower than analysts' expectations, despite a revenue increase compared to estimates.

Ocular Therapeutix, Inc. (NASDAQ:OCUL - Get Free Report)'s stock price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $12.65 and last traded at $12.56, with a volume of 2417540 shares trading hands. The stock had previously closed at $12.21.

Analyst Ratings Changes

Several research analysts have issued reports on OCUL shares. Needham & Company LLC boosted their target price on Ocular Therapeutix from $14.00 to $15.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. HC Wainwright restated a "buy" rating and set a $15.00 target price on shares of Ocular Therapeutix in a research report on Thursday, May 29th. Finally, Scotiabank dropped 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. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Ocular Therapeutix presently has a consensus rating of "Buy" and a consensus price target of $17.20.

Ocular Therapeutix Stock Down 0.2%

The company's 50 day moving average price is $10.58 and its two-hundred day moving average price is $8.53. The company has a quick ratio of 10.02, a current ratio of 10.10 and a debt-to-equity ratio of 0.23. The stock has a market cap of $2.20 billion, a P/E ratio of -9.86 and a beta of 1.49.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) EPS for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.04). The business had revenue of $13.46 million during 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 business's quarterly revenue was down 17.7% on a year-over-year basis. During the same period last year, the firm earned ($0.26) EPS. As a group, research analysts expect that Ocular Therapeutix, Inc. will post -0.98 earnings per share for the current year.

Insider Buying and Selling

In related news, insider Pravin Dugel sold 21,219 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $7.18, for a total value of $152,352.42. Following the completion of the transaction, the insider owned 3,499,099 shares of the company's stock, valued at $25,123,530.82. The trade was a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders have sold a total of 29,079 shares of company stock valued at $208,739 over the last ninety days. Insiders own 2.30% of the company's stock.

Hedge Funds Weigh In On Ocular Therapeutix

A number of large investors have recently bought and sold shares of OCUL. Adage Capital Partners GP L.L.C. increased its position in shares of Ocular Therapeutix by 44.4% during the first quarter. Adage Capital Partners GP L.L.C. now owns 5,200,000 shares of the biopharmaceutical company's stock worth $38,116,000 after purchasing an additional 1,600,000 shares in the last quarter. Paradigm Biocapital Advisors LP acquired a new position in shares of Ocular Therapeutix during the first quarter worth $9,632,000. Point72 Asset Management L.P. increased its position in shares of Ocular Therapeutix by 43.9% during the fourth quarter. Point72 Asset Management L.P. now owns 2,935,924 shares of the biopharmaceutical company's stock worth $25,073,000 after purchasing an additional 895,304 shares in the last quarter. Peregrine Capital Management LLC acquired a new position in shares of Ocular Therapeutix during the first quarter worth $6,212,000. Finally, Invesco Ltd. increased its position in shares of Ocular Therapeutix by 91.2% during the second quarter. Invesco Ltd. now owns 1,538,846 shares of the biopharmaceutical company's stock worth $14,280,000 after purchasing an additional 734,017 shares in the last quarter. 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.