Ocular Therapeutix (NASDAQ:OCUL) Given New $20.00 Price Target 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 price target decreased by equities research analysts at Scotiabank from $22.00 to $20.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "sector outperform" rating on the biopharmaceutical company's stock. Scotiabank's target price suggests a potential upside of 63.80% from the stock's current price.

Several other analysts also recently weighed in on OCUL. HC Wainwright restated a "buy" rating and set a $15.00 price objective on shares of Ocular Therapeutix in a research report on Thursday, May 29th. William Blair initiated coverage on shares of Ocular Therapeutix in a research report on Tuesday, April 8th. They set an "outperform" rating for the company. Finally, Needham & Company LLC lifted their price objective on Ocular Therapeutix from $14.00 to $15.00 and gave the company a "buy" rating in a report on Tuesday, August 5th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $17.20.

Ocular Therapeutix Stock Performance

Shares of NASDAQ:OCUL traded down $0.09 during trading on Wednesday, hitting $12.21. The stock had a trading volume of 2,019,053 shares, compared to its average volume of 2,059,153. 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 50-day simple moving average of $10.17 and a two-hundred day simple moving average of $8.38. Ocular Therapeutix has a 12-month low of $5.78 and a 12-month high of $12.65. The stock has a market capitalization of $2.12 billion, a price-to-earnings ratio of -9.54 and a beta of 1.49.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last posted 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). Ocular Therapeutix had a negative net margin of 382.51% and a negative return on equity of 71.92%. 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 prior year, the business posted ($0.26) EPS. Ocular Therapeutix's revenue for the quarter was down 17.7% compared to the same quarter last year. On average, equities research analysts expect that Ocular Therapeutix will post -0.98 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Pravin Dugel sold 21,219 shares of the firm's stock in a transaction dated Friday, May 23rd. The stock was sold at an average price of $7.18, for a total transaction 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. This trade represents a 0.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last 90 days, insiders have sold 29,079 shares of company stock worth $208,739. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of Ocular Therapeutix

Institutional investors have recently made changes to their positions in the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake 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 during the last quarter. Trust Co. of Vermont lifted its position in shares of Ocular Therapeutix by 16.1% in the second quarter. Trust Co. of Vermont now owns 7,200 shares of the biopharmaceutical company's stock worth $67,000 after buying an additional 1,000 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Ocular Therapeutix by 62.9% during the 2nd quarter. Nisa Investment Advisors LLC now owns 3,604 shares of the biopharmaceutical company's stock worth $33,000 after acquiring an additional 1,392 shares in the last quarter. Hsbc Holdings PLC raised its stake in shares of Ocular Therapeutix by 8.1% in the 1st quarter. Hsbc Holdings PLC now owns 19,573 shares of the biopharmaceutical company's stock valued at $141,000 after acquiring an additional 1,472 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its position in shares of Ocular Therapeutix by 9.5% in the second quarter. Teacher Retirement System of Texas now owns 27,799 shares of the biopharmaceutical company's stock valued at $258,000 after purchasing an additional 2,417 shares during the period. 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.