Ocular Therapeutix (NASDAQ:OCUL) Price Target Raised to $15.00

Key Points

• Ocular Therapeutix's price target was raised by Needham & Company LLC from $14.00 to $15.00, indicating a potential upside of 25.00% from the previous close.
• The company reported a loss of ($0.39) earnings per share, missing analyst estimates, while revenue for the quarter was $13.46 million, exceeding expectations.
• Insider transactions included Director Richard L. Md Lindstrom buying 10,000 shares at an average price of $6.96 per share, which increased his ownership in the company.

Ocular Therapeutix (NASDAQ:OCUL - Free Report) had its price target raised by Needham & Company LLC from $14.00 to $15.00 in a report issued on Tuesday,Benzinga reports. The brokerage currently has a buy rating on the biopharmaceutical company's stock.

A number of other brokerages also recently weighed in on OCUL. William Blair started coverage on shares of Ocular Therapeutix in a research note on Tuesday, April 8th. They issued an "outperform" rating on the stock. HC Wainwright reiterated a "buy" rating and issued a $15.00 price target on shares of Ocular Therapeutix in a report on Thursday, May 29th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $17.20.

Ocular Therapeutix Trading Down 0.7%

NASDAQ OCUL traded down $0.09 on Tuesday, hitting $12.21. The company's stock had a trading volume of 2,019,053 shares, compared to its average volume of 2,064,826. The company's 50-day moving average is $10.17 and its 200 day moving average is $8.38. The company has a quick ratio of 10.14, a current ratio of 10.10 and a debt-to-equity ratio of 0.23. The firm has a market cap of $2.12 billion, a PE ratio of -9.54 and a beta of 1.49. Ocular Therapeutix has a 1-year low of $5.78 and a 1-year high of $12.65.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) earnings per share (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 business 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 business posted ($0.26) EPS. The business's revenue for the quarter was down 17.7% compared to the same quarter last year. As a group, analysts predict that Ocular Therapeutix will post -0.98 earnings per share for the current fiscal year.

Insider Transactions at Ocular Therapeutix

In related news, insider Pravin Dugel sold 21,219 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $7.18, for a total value of $152,352.42. Following the sale, the insider directly owned 3,499,099 shares of the company's stock, valued at $25,123,530.82. This represents a 0.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders have sold a total of 29,079 shares of company stock worth $208,739 over the last quarter. 2.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ocular Therapeutix

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Deep Track Capital LP lifted its position in shares of Ocular Therapeutix by 0.9% during the 4th quarter. Deep Track Capital LP now owns 12,836,282 shares of the biopharmaceutical company's stock valued at $109,622,000 after buying an additional 114,822 shares in the last quarter. Vanguard Group Inc. increased its holdings in Ocular Therapeutix by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 8,483,913 shares of the biopharmaceutical company's stock valued at $72,453,000 after buying an additional 99,730 shares during the last quarter. Adage Capital Partners GP L.L.C. increased its holdings in shares of Ocular Therapeutix by 44.4% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 5,200,000 shares of the biopharmaceutical company's stock valued at $38,116,000 after acquiring an additional 1,600,000 shares during the period. Point72 Asset Management L.P. raised its stake 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 during the last quarter. Finally, Deltec Asset Management LLC boosted its holdings in shares of Ocular Therapeutix by 2.9% in the second quarter. Deltec Asset Management LLC now owns 2,794,892 shares of the biopharmaceutical company's stock valued at $25,937,000 after acquiring an additional 78,519 shares in the last quarter. Hedge funds and other 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.