Chardan Capital Forecasts Strong Price Appreciation for Ocular Therapeutix (NASDAQ:OCUL) Stock

Ocular Therapeutix (NASDAQ:OCUL) had its price target increased by analysts at Chardan Capital from $21.00 to $23.00 in a research report issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Chardan Capital’s price objective points to a potential upside of 131.04% from the stock’s current price.

A number of other equities analysts have also recently issued reports on OCUL. Needham & Company LLC restated a “buy” rating and set a $18.00 target price on shares of Ocular Therapeutix in a report on Tuesday, May 5th. Robert W. Baird boosted their price objective on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the company an “outperform” rating in a report on Thursday, June 18th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $30.00 target price on shares of Ocular Therapeutix in a report on Wednesday, May 6th. William Blair reissued an “outperform” rating on shares of Ocular Therapeutix in a report on Monday, March 2nd. Finally, Wall Street Zen downgraded Ocular Therapeutix from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $25.11.

Ocular Therapeutix Stock Up 1.1%

Shares of NASDAQ:OCUL opened at $9.96 on Thursday. The company has a 50 day moving average of $9.05 and a 200-day moving average of $9.86. Ocular Therapeutix has a one year low of $6.23 and a one year high of $16.44. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of -6.83 and a beta of 0.89. The company has a debt-to-equity ratio of 0.12, a current ratio of 14.81 and a quick ratio of 14.73.

Insider Activity at Ocular Therapeutix

In other news, insider Pravin Dugel sold 21,156 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $8.20, for a total value of $173,479.20. Following the transaction, the insider directly owned 2,597,170 shares of the company’s stock, valued at $21,296,794. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 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 have sold 28,999 shares of company stock valued at $237,792 in the last 90 days. 3.10% of the stock is owned by insiders.

Institutional Investors Weigh In On Ocular Therapeutix

Hedge funds have recently bought and sold shares of the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Ocular Therapeutix by 5.8% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 93,619 shares of the biopharmaceutical company’s stock worth $686,000 after purchasing an additional 5,156 shares during the period. Caxton Associates LLP acquired a new position in Ocular Therapeutix in the 1st quarter valued at $248,000. Creative Planning increased its position in Ocular Therapeutix by 21.5% during the 2nd quarter. Creative Planning now owns 21,410 shares of the biopharmaceutical company’s stock worth $199,000 after buying an additional 3,791 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Ocular Therapeutix by 110.8% during the second quarter. JPMorgan Chase & Co. now owns 712,100 shares of the biopharmaceutical company’s stock worth $6,608,000 after buying an additional 374,269 shares in the last quarter. Finally, Prudential Financial Inc. boosted its position in shares of Ocular Therapeutix by 57.9% in the second quarter. Prudential Financial Inc. now owns 18,700 shares of the biopharmaceutical company’s stock valued at $174,000 after acquiring an additional 6,855 shares during the period. 59.21% of the stock is currently owned by institutional investors and hedge funds.

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.