Ocular Therapeutix (NASDAQ:OCUL) Price Target Lowered to $20.00 at Scotiabank

Key Points

• Scotiabank lowered its price target for Ocular Therapeutix from $22.00 to $20.00, while maintaining a "sector outperform" rating, indicating a potential upside of 61.88% based on the stock's previous close.
• The company experienced a quarterly earnings miss with an EPS of ($0.39), compared to analysts' expectations of ($0.35), and its quarterly revenue was down 17.7% year-over-year.
• In recent trading, Ocular Therapeutix stock rose by $0.36 to hit $12.36, and the company has a market capitalization of approximately $1.97 billion.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) had its target price dropped by stock analysts at Scotiabank from $22.00 to $20.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a "sector outperform" rating on the biopharmaceutical company's stock. Scotiabank's target price indicates a potential upside of 61.88% from the stock's previous close.

A number of other equities analysts have also recently issued reports on the company. William Blair initiated coverage on Ocular Therapeutix in a report on Tuesday, April 8th. They issued an "outperform" rating for the company. Needham & Company LLC increased their price target on Ocular Therapeutix from $14.00 to $15.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, HC Wainwright restated a "buy" rating and set a $15.00 price target on shares of Ocular Therapeutix in a research report on Thursday, May 29th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Ocular Therapeutix presently has an average rating of "Buy" and an average target price of $17.17.

Ocular Therapeutix Stock Performance

Ocular Therapeutix stock traded up $0.36 during trading hours on Wednesday, hitting $12.36. The stock had a trading volume of 1,365,032 shares, compared to its average volume of 1,770,189. The company has a 50-day moving average of $9.91 and a two-hundred day moving average of $8.29. The company has a quick ratio of 10.14, a current ratio of 10.22 and a debt-to-equity ratio of 0.26. The company has a market cap of $1.97 billion, a PE ratio of -10.73 and a beta of 1.49. Ocular Therapeutix has a fifty-two week low of $5.78 and a fifty-two week high of $12.46.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last issued its earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.04). Ocular Therapeutix had a negative return on equity of 59.92% and a negative net margin of 323.09%. The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.12 million. During the same period in the previous year, the company posted ($0.26) earnings per share. The company's quarterly revenue was down 17.7% on a year-over-year basis. On average, equities research analysts anticipate that Ocular Therapeutix will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Ocular Therapeutix

In other Ocular Therapeutix news, Director Richard L. Md Lindstrom purchased 10,000 shares of Ocular Therapeutix stock in a transaction that occurred on Thursday, May 8th. The stock was acquired at an average price of $6.96 per share, for a total transaction of $69,600.00. Following the completion of the acquisition, the director owned 172,704 shares of the company's stock, valued at approximately $1,202,019.84. This trade represents a 6.15% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Pravin Dugel sold 21,219 shares of Ocular Therapeutix stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $7.18, for a total value of $152,352.42. Following 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 29,079 shares of company stock worth $208,739 in the last ninety days. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ocular Therapeutix

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Adage Capital Partners GP L.L.C. increased its holdings 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 buying an additional 1,600,000 shares in the last quarter. Paradigm Biocapital Advisors LP acquired a new stake in Ocular Therapeutix in the first quarter valued at $9,632,000. Point72 Asset Management L.P. boosted its position in 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 valued at $25,073,000 after acquiring an additional 895,304 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in Ocular Therapeutix during the first quarter valued at $6,212,000. Finally, Millennium Management LLC bought a new stake in Ocular Therapeutix during the fourth quarter valued at $3,819,000. 59.21% of the stock is currently owned by institutional investors and hedge funds.

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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