Ocular Therapeutix (NASDAQ:OCUL) Earns Buy Rating from Needham & Company LLC

Ocular Therapeutix (NASDAQ:OCUL)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research note issued on Monday,Benzinga reports. They currently have a $20.00 price target on the biopharmaceutical company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 25.39% from the company’s current price.

A number of other research analysts have also commented on OCUL. Citigroup reiterated an “outperform” rating on shares of Ocular Therapeutix in a research note on Wednesday, October 1st. Wall Street Zen downgraded Ocular Therapeutix from a “hold” rating to a “sell” rating in a research report on Saturday. Chardan Capital reiterated a “buy” rating and set a $21.00 price target on shares of Ocular Therapeutix in a research report on Wednesday, November 5th. Royal Bank Of Canada reissued an “outperform” rating on shares of Ocular Therapeutix in a research note on Wednesday, November 5th. Finally, Cowen restated a “buy” rating on shares of Ocular Therapeutix in a report on Thursday, October 30th. Twelve research 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. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $22.56.

Ocular Therapeutix Price Performance

Shares of NASDAQ OCUL opened at $15.95 on Monday. The stock has a market cap of $3.40 billion, a P/E ratio of -11.08 and a beta of 0.96. The firm’s 50-day simple moving average is $11.79 and its 200 day simple moving average is $11.25. Ocular Therapeutix has a fifty-two week low of $5.78 and a fifty-two week high of $16.44. The company has a quick ratio of 7.78, a current ratio of 7.85 and a debt-to-equity ratio of 0.27.

Ocular Therapeutix (NASDAQ:OCUL) last released its earnings results on Tuesday, November 4th. The biopharmaceutical company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.02. Ocular Therapeutix had a negative net margin of 447.57% and a negative return on equity of 86.33%. The firm had revenue of $14.54 million for the quarter, compared to analysts’ expectations of $14.57 million. Equities analysts expect that Ocular Therapeutix will post -0.98 EPS for the current year.

Insider Buying and Selling

In other news, insider Jeffrey S. Heier sold 10,502 shares of the business’s stock in a transaction on Thursday, October 2nd. The stock was sold at an average price of $11.04, for a total transaction of $115,942.08. Following the sale, the insider directly owned 249,409 shares of the company’s stock, valued at $2,753,475.36. The trade was a 4.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Peter Kaiser sold 9,653 shares of the stock in a transaction on Thursday, October 2nd. The shares were sold at an average price of $11.03, for a total value of $106,472.59. Following the completion of the transaction, the insider owned 194,440 shares of the company’s stock, valued at $2,144,673.20. This trade represents a 4.73% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 31,287 shares of company stock worth $359,784 in the last three months. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Cubist Systematic Strategies LLC purchased a new stake in shares of Ocular Therapeutix in the first quarter worth approximately $1,011,000. Pale Fire Capital SE increased its stake in Ocular Therapeutix by 20.7% in the 2nd quarter. Pale Fire Capital SE now owns 530,135 shares of the biopharmaceutical company’s stock valued at $4,920,000 after buying an additional 90,748 shares during the period. Deltec Asset Management LLC lifted its position in Ocular Therapeutix by 2.9% in the 2nd quarter. Deltec Asset Management LLC now owns 2,794,892 shares of the biopharmaceutical company’s stock worth $25,937,000 after buying an additional 78,519 shares in the last quarter. Truist Financial Corp lifted its position in Ocular Therapeutix by 100.0% in the 2nd quarter. Truist Financial Corp now owns 100,000 shares of the biopharmaceutical company’s stock worth $928,000 after buying an additional 50,000 shares in the last quarter. Finally, Saturn V Capital Management LP boosted its stake in shares of Ocular Therapeutix by 21.8% during the 2nd quarter. Saturn V Capital Management LP now owns 728,576 shares of the biopharmaceutical company’s stock valued at $6,761,000 after buying an additional 130,385 shares during the period. 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.