Ocular Therapeutix (NASDAQ:OCUL) Raised to "Hold" at Zacks Research

Key Points

• Zacks Research upgraded Ocular Therapeutix to “Hold” from “Strong Sell.” Despite the change, analysts remain broadly positive, with 11 Buy ratings, one Hold, and one Sell; the consensus rating is “Moderate Buy” with an average price target of $25.75.
• Ocular Therapeutix shares opened at $10.10, with the stock trading above its 50-day and 200-day moving averages. The company reported a quarterly loss of $0.35 per share, beating estimates by $0.05, while revenue of $13.47 million slightly exceeded forecasts.
• Institutional investors own approximately 59.21% of the company, with JPMorgan Chase more than doubling its position in the second quarter. Insiders sold 28,999 shares worth about $237,792 over the past 90 days, primarily through a tax-related, pre-arranged transaction.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Wednesday,Zacks.com reports.

A number of other analysts have also commented on OCUL. Chardan Capital restated a "buy" rating and issued a $23.00 price target on shares of Ocular Therapeutix in a report on Tuesday, August 4th. Weiss Ratings reissued a "sell (d-)" rating on shares of Ocular Therapeutix in a research report on Friday, July 17th. Robert W. Baird boosted their target price on Ocular Therapeutix from $24.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Needham & Company LLC reaffirmed a "buy" rating and set a $18.00 price target on shares of Ocular Therapeutix in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $30.00 price target on shares of Ocular Therapeutix in a research note on Wednesday, May 6th. Eleven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $25.75.

Ocular Therapeutix Stock Down 1.3%

Ocular Therapeutix stock opened at $10.10 on Wednesday. The company has a 50 day moving average of $9.25 and a 200-day moving average of $9.06. The company has a quick ratio of 13.03, a current ratio of 13.10 and a debt-to-equity ratio of 0.14. Ocular Therapeutix has a twelve month low of $6.23 and a twelve month high of $16.44. The stock has a market capitalization of $2.22 billion, a PE ratio of -7.11 and a beta of 0.93.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The biopharmaceutical company reported ($0.35) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.05. The business had revenue of $13.47 million for the quarter, compared to analyst estimates of $13.20 million. Ocular Therapeutix had a negative net margin of 579.10% and a negative return on equity of 59.89%. The firm's quarterly revenue was down .1% on a year-over-year basis. During the same period last year, the business posted ($0.39) earnings per share. On average, equities research analysts anticipate that Ocular Therapeutix will post -1.47 EPS for the current fiscal year.

Insider Transactions at Ocular Therapeutix

In related news, insider Pravin Dugel sold 21,156 shares of the company's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $8.20, for a total transaction of $173,479.20. Following the sale, the insider owned 2,597,170 shares in the company, valued at approximately $21,296,794. This represents a 0.81% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 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 sold a total of 28,999 shares of company stock worth $237,792 in the last 90 days. Corporate insiders own 3.10% of the company's stock.

Institutional Inflows and Outflows

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

Ocular Therapeutix Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source