Ocular Therapeutix (NASDAQ:OCUL) Stock Price Up 8.8% Following Earnings Beat

Shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL) shot up 8.8% during trading on Thursday after the company announced better than expected quarterly earnings. The stock traded as high as $10.08 and last traded at $9.30. 3,420,981 shares traded hands during mid-day trading, a decline of 34% from the average session volume of 5,198,589 shares. The stock had previously closed at $8.55.

The biopharmaceutical company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.05. The firm had revenue of $13.25 million for the quarter. Ocular Therapeutix had a negative return on equity of 94.79% and a negative net margin of 511.90%.The firm’s revenue for the quarter was down 22.4% compared to the same quarter last year. During the same period last year, the firm earned ($0.29) EPS.

Analyst Ratings Changes

A number of analysts have commented on the stock. Wall Street Zen cut shares of Ocular Therapeutix from a “hold” rating to a “sell” rating in a research note on Saturday, December 6th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $30.00 target price on shares of Ocular Therapeutix in a report on Thursday. Chardan Capital reiterated a “buy” rating and set a $21.00 price target on shares of Ocular Therapeutix in a report on Tuesday, December 9th. Needham & Company LLC restated a “buy” rating and issued a $20.00 price objective on shares of Ocular Therapeutix in a research note on Monday, December 8th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Ocular Therapeutix in a research report on Thursday, January 22nd. Eleven 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’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $24.00.

Insider Activity

In other news, COO Donald Notman sold 6,035 shares of the company’s stock in a transaction that occurred on Wednesday, February 4th. The stock was sold at an average price of $8.54, for a total value of $51,538.90. Following the transaction, the chief operating officer owned 377,802 shares of the company’s stock, valued at approximately $3,226,429.08. This represents a 1.57% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legato Capital Management LLC lifted its holdings in shares of Ocular Therapeutix by 9.6% during the fourth quarter. Legato Capital Management LLC now owns 123,649 shares of the biopharmaceutical company’s stock worth $1,501,000 after buying an additional 10,829 shares in the last quarter. Prescott Group Capital Management L.L.C. bought a new position in Ocular Therapeutix during the fourth quarter worth about $3,800,000. PSP Research LLC acquired a new stake in Ocular Therapeutix in the 4th quarter worth about $520,000. Handelsbanken Fonder AB bought a new stake in Ocular Therapeutix in the 4th quarter valued at about $841,000. Finally, ProShare Advisors LLC grew its position in shares of Ocular Therapeutix by 43.3% during the 4th quarter. ProShare Advisors LLC now owns 43,324 shares of the biopharmaceutical company’s stock worth $526,000 after purchasing an additional 13,089 shares in the last quarter. 59.21% of the stock is owned by institutional investors and hedge funds.

Ocular Therapeutix Stock Performance

The stock’s 50-day simple moving average is $11.82 and its 200-day simple moving average is $11.93. The stock has a market cap of $1.95 billion, a price-to-earnings ratio of -6.36 and a beta of 0.90. The company has a current ratio of 7.85, a quick ratio of 7.78 and a debt-to-equity ratio of 0.27.

About Ocular Therapeutix

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.