Ocular Therapeutix (NASDAQ:OCUL) Price Target Cut to $22.00

Ocular Therapeutix (NASDAQ:OCUL) had its price objective cut by equities research analysts at JMP Securities from $24.00 to $22.00 in a research note issued on Wednesday, Benzinga reports. The brokerage currently has a “market outperform” rating on the biopharmaceutical company’s stock. JMP Securities’ price target points to a potential upside of 292.86% from the stock’s current price.

Other analysts have also issued reports about the stock. HC Wainwright reissued a “buy” rating and set a $16.00 target price on shares of Ocular Therapeutix in a research note on Friday, April 19th. TD Cowen reduced their price objective on Ocular Therapeutix from $11.00 to $7.00 and set a “hold” rating for the company in a research note on Wednesday. Bank of America began coverage on Ocular Therapeutix in a research report on Friday, February 9th. They set a “buy” rating and a $15.00 target price on the stock. Piper Sandler increased their price target 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, StockNews.com downgraded Ocular Therapeutix from a “hold” rating to a “sell” rating in a report on Friday, April 5th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $15.50.

Ocular Therapeutix Price Performance

Shares of Ocular Therapeutix stock traded down $0.33 on Wednesday, hitting $5.60. The company had a trading volume of 1,673,204 shares, compared to its average volume of 2,312,405. Ocular Therapeutix has a 52 week low of $2.00 and a 52 week high of $11.31. The company has a debt-to-equity ratio of 0.82, a current ratio of 6.66 and a quick ratio of 6.59. The company has a market cap of $866.49 million, a PE ratio of -4.50 and a beta of 1.47. The business has a 50-day simple moving average of $8.10 and a 200-day simple moving average of $5.56.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.28) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $15.31 million. Research analysts expect that Ocular Therapeutix will post -0.68 EPS for the current fiscal year.

Insider Buying and Selling

In other Ocular Therapeutix news, major shareholder Summer Road Llc bought 930,851 shares of the stock in a transaction on Monday, February 26th. The shares were bought at an average price of $7.52 per share, with a total value of $6,999,999.52. Following the purchase, the insider now directly owns 8,591,401 shares in the company, valued at approximately $64,607,335.52. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 5.50% of the company’s stock.

Hedge Funds Weigh In On Ocular Therapeutix

A number of hedge funds have recently modified their holdings of OCUL. SG Americas Securities LLC acquired a new stake in Ocular Therapeutix during the third quarter valued at $38,000. Raymond James & Associates lifted its holdings in shares of Ocular Therapeutix by 155.2% during the 3rd quarter. Raymond James & Associates now owns 120,561 shares of the biopharmaceutical company’s stock valued at $379,000 after buying an additional 73,324 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its stake in shares of Ocular Therapeutix by 46.6% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 74,401 shares of the biopharmaceutical company’s stock valued at $234,000 after buying an additional 23,637 shares in the last quarter. Barclays PLC increased its holdings in Ocular Therapeutix by 22.9% in the third quarter. Barclays PLC now owns 25,963 shares of the biopharmaceutical company’s stock worth $81,000 after buying an additional 4,840 shares during the last quarter. Finally, New York State Common Retirement Fund raised its position in Ocular Therapeutix by 229.0% during the third quarter. New York State Common Retirement Fund now owns 31,521 shares of the biopharmaceutical company’s stock valued at $99,000 after acquiring an additional 21,940 shares in the last quarter. 59.21% of the stock is 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.