Ocular Therapeutix (NASDAQ:OCUL) Sets New 52-Week High - Should You Buy?

Key Points

• Ocular Therapeutix's stock reached a new 52-week high of $12.35 during trading, closing at $12.08 with a significant trading volume of nearly 2.7 million shares.
• Analysts have set mixed price targets for Ocular Therapeutix, with a consensus rating of "Buy" and an average price target of $17.33, while some firms have slightly reduced their price goals.
• Insider activity includes a purchase of 10,000 shares by Director Richard L. Md Lindstrom at an average cost of $6.96 per share, indicating increased confidence in the company’s future performance.

Ocular Therapeutix, Inc. (NASDAQ:OCUL - Get Free Report) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $12.35 and last traded at $12.08, with a volume of 2709978 shares traded. The stock had previously closed at $12.21.

Analyst Ratings Changes

A number of brokerages have issued reports on OCUL. HC Wainwright reaffirmed a "buy" rating and issued a $15.00 target price on shares of Ocular Therapeutix in a report on Thursday, May 29th. William Blair assumed coverage on Ocular Therapeutix in a research report on Tuesday, April 8th. They issued an "outperform" rating on the stock. Finally, Needham & Company LLC reduced their price target on Ocular Therapeutix from $15.00 to $14.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has an average rating of "Buy" and a consensus target price of $17.33.

Ocular Therapeutix Price Performance

The company has a current ratio of 10.22, a quick ratio of 10.14 and a debt-to-equity ratio of 0.26. The business has a 50-day simple moving average of $9.53 and a 200 day simple moving average of $8.18. The stock has a market cap of $1.90 billion, a P/E ratio of -10.37 and a beta of 1.43.

Insider Activity

In related news, insider Pravin Dugel sold 21,219 shares of the company'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 sale, the insider owned 3,499,099 shares in the company, valued at $25,123,530.82. This represents a 0.60% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Richard L. Md Lindstrom bought 10,000 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The shares were acquired at an average price of $6.96 per share, for a total transaction of $69,600.00. Following the transaction, the director owned 172,704 shares in the company, valued at $1,202,019.84. This represents a 6.15% increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 29,079 shares of company stock worth $208,739. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Deep Track Capital LP boosted its holdings in Ocular Therapeutix by 0.9% in the fourth quarter. Deep Track Capital LP now owns 12,836,282 shares of the biopharmaceutical company's stock worth $109,622,000 after acquiring an additional 114,822 shares in the last quarter. Vanguard Group Inc. boosted 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 worth $72,453,000 after acquiring an additional 99,730 shares in the last quarter. Adage Capital Partners GP L.L.C. boosted its holdings in Ocular Therapeutix by 44.4% in 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 acquiring an additional 1,600,000 shares in the last quarter. Point72 Asset Management L.P. raised its stake in shares of Ocular Therapeutix by 43.9% in 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 raised its stake 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 worth $25,937,000 after purchasing an additional 78,519 shares during the last quarter. Institutional investors own 59.21% of the company's stock.

About Ocular Therapeutix

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.