Ocular Therapeutix (NASDAQ:OCUL) Shares Gap Up - Here's Why

Shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $8.37, but opened at $9.00. Ocular Therapeutix shares last traded at $9.21, with a volume of 828,777 shares trading hands.

Wall Street Analyst Weigh In

OCUL has been the topic of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and issued a $15.00 price objective on shares of Ocular Therapeutix in a research note on Thursday, May 29th. William Blair initiated coverage on Ocular Therapeutix in a report on Tuesday, April 8th. They issued an "outperform" rating on the stock. Needham & Company LLC dropped 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. Royal Bank Of Canada assumed coverage on Ocular Therapeutix in a research report on Tuesday, March 18th. They issued an "outperform" rating and a $17.00 price objective for the company. Finally, JMP Securities set a $19.00 price objective on shares of Ocular Therapeutix in a research note on Tuesday, March 4th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Ocular Therapeutix has a consensus rating of "Buy" and an average target price of $17.33.

Ocular Therapeutix Stock Up 10.2%

The stock has a market capitalization of $1.47 billion, a P/E ratio of -8.03 and a beta of 1.42. The firm has a 50 day moving average of $7.89 and a 200-day moving average of $7.81. The company has a debt-to-equity ratio of 0.26, a current ratio of 10.22 and a quick ratio of 10.14.

Insider Buying and Selling

In other Ocular Therapeutix news, Director Richard L. Md Lindstrom purchased 10,000 shares of the company's stock in a transaction that occurred on Thursday, May 8th. The stock was purchased at an average price of $6.96 per share, with a total value of $69,600.00. Following the completion of the transaction, the director now directly owns 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Pravin Dugel sold 21,219 shares of Ocular Therapeutix stock in a transaction that occurred on 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 now directly owns 3,499,099 shares in the company, valued at $25,123,530.82. The trade was a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,079 shares of company stock valued at $208,739 over the last ninety days. 2.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of OCUL. Adage Capital Partners GP L.L.C. grew 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 worth $38,116,000 after purchasing an additional 1,600,000 shares during the last quarter. Paradigm Biocapital Advisors LP acquired a new position in Ocular Therapeutix in the first quarter valued at about $9,632,000. Point72 Asset Management L.P. boosted its position in 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 valued at $25,073,000 after buying an additional 895,304 shares in the last quarter. Peregrine Capital Management LLC bought a new stake in Ocular Therapeutix during the first quarter worth about $6,212,000. Finally, Millennium Management LLC acquired a new stake in shares of Ocular Therapeutix during the fourth quarter worth approximately $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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