HC Wainwright Reiterates Buy Rating for Ocular Therapeutix (NASDAQ:OCUL)

Ocular Therapeutix (NASDAQ:OCUL)‘s stock had its “buy” rating reissued by investment analysts at HC Wainwright in a note issued to investors on Friday, Benzinga reports. They currently have a $16.00 target price on the biopharmaceutical company’s stock. HC Wainwright’s price target would suggest a potential upside of 206.51% from the stock’s previous close.

A number of other research analysts have also recently weighed in on the company. Bank of America started coverage on Ocular Therapeutix in a report on Friday, February 9th. They issued a “buy” rating and a $15.00 target price on the stock. StockNews.com lowered Ocular Therapeutix from a “hold” rating to a “sell” rating in a research report on Friday, April 5th. Piper Sandler raised their price objective on Ocular Therapeutix from $10.00 to $15.00 and gave the company an “overweight” rating in a research report on Monday, February 26th. Finally, JMP Securities reissued a “market outperform” rating and issued a $24.00 price objective on shares of Ocular Therapeutix in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Ocular Therapeutix has a consensus rating of “Moderate Buy” and a consensus price target of $17.60.

Ocular Therapeutix Price Performance

Shares of Ocular Therapeutix stock opened at $5.22 on Friday. Ocular Therapeutix has a twelve month low of $2.00 and a twelve month high of $11.31. The stock has a market capitalization of $775.85 million, a P/E ratio of -4.18 and a beta of 1.30. The company has a current ratio of 6.66, a quick ratio of 6.59 and a debt-to-equity ratio of 0.82. The business’s fifty day moving average price is $8.75 and its 200 day moving average price is $5.31.

Ocular Therapeutix (NASDAQ:OCUL) last issued its earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.28) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.28). Ocular Therapeutix had a negative return on equity of 321.12% and a negative net margin of 138.15%. The firm had revenue of $14.80 million for the quarter, compared to analysts’ expectations of $15.31 million. As a group, research analysts anticipate that Ocular Therapeutix will post -0.68 earnings per share for the current year.

Insider Transactions at Ocular Therapeutix

In other news, CFO Donald Notman sold 6,433 shares of Ocular Therapeutix stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $4.95, for a total transaction of $31,843.35. Following the sale, the chief financial officer now directly owns 139,932 shares of the company’s stock, valued at $692,663.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, CFO Donald Notman sold 6,433 shares of Ocular Therapeutix stock in a transaction dated Wednesday, January 31st. The stock was sold at an average price of $4.95, for a total transaction of $31,843.35. Following the sale, the chief financial officer now directly owns 139,932 shares of the company’s stock, valued at $692,663.40. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, major shareholder Summer Road Llc bought 930,851 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were acquired at an average cost of $7.52 per share, for a total transaction of $6,999,999.52. Following the completion of the transaction, the insider now owns 8,591,401 shares of the company’s stock, valued at approximately $64,607,335.52. The disclosure for this purchase can be found here. Over the last ninety days, insiders have sold 39,366 shares of company stock valued at $194,862. 5.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ocular Therapeutix

A number of hedge funds have recently bought and sold shares of OCUL. Franklin Resources Inc. acquired a new position in Ocular Therapeutix in the fourth quarter worth about $20,071,000. Vanguard Group Inc. grew its stake in Ocular Therapeutix by 26.0% in the fourth quarter. Vanguard Group Inc. now owns 5,118,102 shares of the biopharmaceutical company’s stock worth $22,827,000 after purchasing an additional 1,057,123 shares in the last quarter. Nuveen Asset Management LLC grew its stake in Ocular Therapeutix by 376.4% in the second quarter. Nuveen Asset Management LLC now owns 919,602 shares of the biopharmaceutical company’s stock worth $4,745,000 after purchasing an additional 726,569 shares in the last quarter. Great Point Partners LLC acquired a new position in Ocular Therapeutix in the fourth quarter worth about $3,122,000. Finally, Federated Hermes Inc. acquired a new position in Ocular Therapeutix in the first quarter worth about $3,080,000. 59.21% of the stock is currently owned by institutional investors and hedge funds.

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.