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

Needham & Company LLC reaffirmed their buy rating on shares of Ocular Therapeutix (NASDAQ:OCUL) in a research note released on Monday,Benzinga reports. They currently have a $20.00 price target on the biopharmaceutical company’s stock.

Several other equities research analysts have also commented on the stock. Citigroup reaffirmed an “outperform” rating on shares of Ocular Therapeutix in a research report on Wednesday, October 1st. HC Wainwright upped their target price on shares of Ocular Therapeutix from $19.00 to $21.00 and gave the company a “buy” rating in a report on Monday. Cowen reiterated a “buy” rating on shares of Ocular Therapeutix in a research note on Thursday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ocular Therapeutix in a research report on Wednesday, October 8th. Finally, Zacks Research raised Ocular Therapeutix from a “strong sell” rating to a “hold” rating in a report on Thursday, October 2nd. Twelve investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $22.56.

Ocular Therapeutix Stock Up 28.1%

Shares of Ocular Therapeutix stock opened at $16.11 on Monday. The company has a 50-day simple moving average of $11.70 and a two-hundred day simple moving average of $11.19. The stock has a market capitalization of $3.43 billion, a PE ratio of -11.19 and a beta of 0.96. Ocular Therapeutix has a 52-week low of $5.78 and a 52-week high of $16.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 7.78 and a current ratio of 7.85.

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

Insiders Place Their Bets

In related news, insider Todd Anderman sold 11,132 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $12.34, for a total value of $137,368.88. Following the completion of the transaction, the insider owned 87,568 shares of the company’s stock, valued at approximately $1,080,589.12. This trade represents a 11.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Peter Kaiser sold 9,653 shares of the firm’s stock in a transaction that occurred 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 sale, the insider directly owned 194,440 shares of the company’s stock, valued at $2,144,673.20. The trade was a 4.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 31,287 shares of company stock valued at $359,784 in the last three months. Corporate insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Ocular Therapeutix

A number of large investors have recently bought and sold shares of the business. Millennium Management LLC increased its stake in Ocular Therapeutix by 3,136.1% in the 3rd quarter. Millennium Management LLC now owns 3,855,706 shares of the biopharmaceutical company’s stock worth $45,073,000 after buying an additional 3,736,560 shares during the period. Alliancebernstein L.P. grew its stake in Ocular Therapeutix by 2,003.2% in the 3rd quarter. Alliancebernstein L.P. now owns 3,424,439 shares of the biopharmaceutical company’s stock worth $40,032,000 after acquiring an additional 3,261,619 shares in the last quarter. Avoro Capital Advisors LLC increased its position in shares of Ocular Therapeutix by 38.5% during the third quarter. Avoro Capital Advisors LLC now owns 10,250,000 shares of the biopharmaceutical company’s stock worth $119,822,000 after acquiring an additional 2,850,000 shares during the period. Balyasny Asset Management L.P. increased its position in shares of Ocular Therapeutix by 902.9% during the third quarter. Balyasny Asset Management L.P. now owns 2,189,276 shares of the biopharmaceutical company’s stock worth $25,593,000 after acquiring an additional 1,970,983 shares during the period. Finally, Marshall Wace LLP bought a new stake in shares of Ocular Therapeutix during the third quarter valued at approximately $18,721,000. Hedge funds and other institutional investors own 59.21% of the company’s stock.

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.