Ocular Therapeutix (NASDAQ:OCUL) Posts Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Ocular Therapeutix beat quarterly estimates: The biopharmaceutical company reported an adjusted loss of $0.35 per share, $0.05 better than consensus, while revenue of $13.47 million exceeded estimates of $13.20 million. The company remained deeply unprofitable, with a negative net margin of 558.24%.
• Analyst sentiment is largely positive: Twelve analysts rate the stock a Buy versus two Sell ratings, producing a “Moderate Buy” consensus and an average price target of $25.11, well above the reported $8.17 share price.
• Institutional ownership increased: Institutional investors own 59.21% of Ocular Therapeutix, with JPMorgan Chase more than doubling its stake during the second quarter. An insider sale was also reported, but it was conducted under a pre-arranged plan to cover tax obligations.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) posted its quarterly earnings results on Monday. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.05, FiscalAI reports. The firm had revenue of $13.47 million during the quarter, compared to analyst estimates of $13.20 million. Ocular Therapeutix had a negative net margin of 558.24% and a negative return on equity of 64.28%.

Ocular Therapeutix Price Performance

OCUL opened at $8.17 on Monday. Ocular Therapeutix has a one year low of $6.23 and a one year high of $16.44. 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 company's 50 day simple moving average is $9.15 and its 200-day simple moving average is $9.18. The stock has a market capitalization of $1.79 billion, a P/E ratio of -5.60 and a beta of 0.93.

Insider Buying and Selling at Ocular Therapeutix

In related news, insider Pravin Dugel sold 21,156 shares of the business'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 value of $173,479.20. Following the completion of the transaction, the insider owned 2,597,170 shares in the company, valued at $21,296,794. The trade was a 0.81% decrease in their position. The transaction was disclosed in a document filed 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. Insiders have sold a total of 28,999 shares of company stock valued at $237,792 over the last three months. Company insiders own 3.10% of the company's stock.

Institutional Investors Weigh In On Ocular Therapeutix

Institutional investors and hedge funds have recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in Ocular Therapeutix by 5.8% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 93,619 shares of the biopharmaceutical company's stock valued at $686,000 after acquiring an additional 5,156 shares during the last quarter. Caxton Associates LLP bought a new stake in Ocular Therapeutix during the 1st quarter worth about $248,000. Creative Planning lifted its position in Ocular Therapeutix by 21.5% during the 2nd quarter. Creative Planning now owns 21,410 shares of the biopharmaceutical company's stock valued at $199,000 after purchasing an additional 3,791 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Ocular Therapeutix by 110.8% in the 2nd quarter. JPMorgan Chase & Co. now owns 712,100 shares of the biopharmaceutical company's stock valued at $6,608,000 after purchasing an additional 374,269 shares during the last quarter. Finally, Prudential Financial Inc. boosted its stake in shares of Ocular Therapeutix by 57.9% in the 2nd quarter. Prudential Financial Inc. now owns 18,700 shares of the biopharmaceutical company's stock valued at $174,000 after purchasing an additional 6,855 shares during the last quarter. Institutional investors own 59.21% of the company's stock.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Needham & Company LLC reiterated a "buy" rating and issued a $18.00 price target on shares of Ocular Therapeutix in a research report on Tuesday, May 5th. Chardan Capital boosted their target price on shares of Ocular Therapeutix from $21.00 to $23.00 and gave the company a "buy" rating in a research note on Thursday, June 25th. HC Wainwright restated a "buy" rating and issued a $25.00 target price (up from $21.00) on shares of Ocular Therapeutix in a research note on Thursday, June 18th. Robert W. Baird upped their target price on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. Finally, Zacks Research cut shares of Ocular Therapeutix from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 14th. Twelve equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $25.11.

About Ocular Therapeutix

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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