Ocular Therapeutix (NASDAQ:OCUL) Shares Down 7.6% - Here's What Happened

Key Points

• Ocular Therapeutix shares fell 7.6% to about $10.59, with trading volume significantly below average.
• Despite the decline, analyst sentiment remains positive: the stock has a consensus “Moderate Buy” rating and an average price target of $25.75.
• The company slightly exceeded quarterly expectations, reporting an adjusted loss of $0.35 per share versus estimates of $0.40 and revenue of $13.47 million; however, it continues to post substantial net losses and negative margins.

Shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL - Get Free Report) traded down 7.6% on Thursday . The stock traded as low as $10.64 and last traded at $10.5940. 1,173,008 shares were traded during mid-day trading, a decline of 71% from the average session volume of 4,006,970 shares. The stock had previously closed at $11.47.

Analyst Ratings Changes

Several equities analysts recently commented on OCUL shares. Zacks Research upgraded Ocular Therapeutix from a "strong sell" rating to a "hold" rating in a research report on Wednesday, August 12th. HC Wainwright reissued a "buy" rating and set a $25.00 price objective (up from $21.00) on shares of Ocular Therapeutix in a report on Thursday, June 18th. Robert W. Baird boosted their target price on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the company an "outperform" rating in a research note on Thursday, June 18th. Chardan Capital reiterated a "buy" rating and set a $23.00 target price on shares of Ocular Therapeutix in a research report on Tuesday, August 4th. Finally, Wall Street Zen raised shares of Ocular Therapeutix from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Eleven analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $25.75.

Ocular Therapeutix Price Performance

The stock has a fifty day moving average of $9.84 and a two-hundred day moving average of $9.31. The stock has a market capitalization of $2.34 billion, a price-to-earnings ratio of -7.49 and a beta of 0.97. The company has a current ratio of 13.10, a quick ratio of 13.03 and a debt-to-equity ratio of 0.14.

Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) last posted 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 company had revenue of $13.47 million for the quarter, compared to analyst estimates of $13.20 million. Ocular Therapeutix had a negative return on equity of 59.89% and a negative net margin of 579.10%.The business's revenue was down .1% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.39) earnings per share. As a group, equities research analysts forecast that Ocular Therapeutix, Inc. will post -1.47 earnings per share for the current year.

Insider Activity at Ocular Therapeutix

In related news, insider Peter Kaiser sold 3,035 shares of the company's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $10.77, for a total transaction of $32,686.95. Following the transaction, the insider owned 264,378 shares in the company, valued at $2,847,351.06. This represents a 1.13% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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. Also, insider Jeffrey Heier sold 3,296 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $10.78, for a total transaction of $35,530.88. Following the sale, the insider directly owned 318,326 shares in the company, valued at approximately $3,431,554.28. This represents a 1.02% decrease in their position. The disclosure for this sale is available in the SEC filing. 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 29,877 shares of company stock valued at $321,827 over the last ninety days. 3.10% of the stock is owned by insiders.

Institutional Trading of Ocular Therapeutix

Hedge funds and other institutional investors have recently modified their holdings of the stock. BlackRock Inc. acquired a new stake in shares of Ocular Therapeutix in the 2nd quarter valued at $190,278,000. Summer Road LLC lifted its stake in shares of Ocular Therapeutix by 6.9% during the first quarter. Summer Road LLC now owns 11,879,825 shares of the biopharmaceutical company's stock valued at $100,622,000 after acquiring an additional 771,270 shares during the period. Avoro Capital Advisors LLC lifted its stake in shares of Ocular Therapeutix by 5.1% during the fourth quarter. Avoro Capital Advisors LLC now owns 10,777,777 shares of the biopharmaceutical company's stock valued at $130,842,000 after acquiring an additional 527,777 shares during the period. TCG Crossover Management LLC boosted its holdings in Ocular Therapeutix by 15.0% in the third quarter. TCG Crossover Management LLC now owns 6,117,232 shares of the biopharmaceutical company's stock valued at $71,510,000 after acquiring an additional 798,084 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. boosted its holdings in Ocular Therapeutix by 15.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 4,625,050 shares of the biopharmaceutical company's stock valued at $56,148,000 after acquiring an additional 620,700 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.

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