Ocular Therapeutix (NASDAQ:OCUL) Price Target Cut to $22.00 by Analysts at JMP Securities

Ocular Therapeutix (NASDAQ:OCUL) had its target price lowered by JMP Securities from $24.00 to $22.00 in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a market outperform rating on the biopharmaceutical company’s stock.

OCUL has been the subject of several other research reports. HC Wainwright reissued a buy rating and set a $16.00 price objective on shares of Ocular Therapeutix in a report on Friday, April 19th. TD Cowen reduced their price target on shares of Ocular Therapeutix from $11.00 to $7.00 and set a hold rating on the stock in a research report on Wednesday. StockNews.com lowered shares of Ocular Therapeutix from a hold rating to a sell rating in a research report on Friday, April 5th. Bank of America began coverage on shares of Ocular Therapeutix in a research report on Friday, February 9th. They set a buy rating and a $15.00 target price on the stock. Finally, Piper Sandler increased their price target on shares of Ocular Therapeutix from $10.00 to $15.00 and gave the company an overweight rating in a report on Monday, February 26th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and an average target price of $15.17.

Ocular Therapeutix Price Performance

Ocular Therapeutix stock traded up $0.09 during mid-day trading on Wednesday, hitting $5.84. The stock had a trading volume of 1,718,298 shares, compared to its average volume of 2,317,501. The firm’s 50 day moving average is $8.02 and its 200 day moving average is $5.56. Ocular Therapeutix has a one year low of $2.00 and a one year high of $11.31. The firm has a market capitalization of $903.60 million, a P/E ratio of -4.60 and a beta of 1.47. The company has a current ratio of 6.66, a quick ratio of 6.59 and a debt-to-equity ratio of 0.82.

Ocular Therapeutix (NASDAQ:OCUL) last issued its earnings results on Monday, March 11th. The biopharmaceutical company reported ($0.28) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.28). Ocular Therapeutix had a negative return on equity of 321.12% and a negative net margin of 138.15%. The company had revenue of $14.80 million for the quarter, compared to the consensus estimate of $15.31 million. On average, sell-side analysts forecast that Ocular Therapeutix will post -0.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, major shareholder Summer Road Llc purchased 930,851 shares of Ocular Therapeutix stock in a transaction that occurred 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 of the company’s stock, valued at approximately $64,607,335.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 5.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ocular Therapeutix

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Franklin Resources Inc. bought a new position in shares of Ocular Therapeutix during the fourth quarter valued at approximately $20,071,000. Deltec Asset Management LLC boosted its position in Ocular Therapeutix by 18.5% during the 4th quarter. Deltec Asset Management LLC now owns 2,443,607 shares of the biopharmaceutical company’s stock valued at $10,898,000 after acquiring an additional 381,810 shares in the last quarter. Sectoral Asset Management Inc. increased its holdings in shares of Ocular Therapeutix by 20.8% in the 3rd quarter. Sectoral Asset Management Inc. now owns 969,350 shares of the biopharmaceutical company’s stock valued at $3,044,000 after acquiring an additional 166,670 shares during the period. Great Point Partners LLC bought a new position in shares of Ocular Therapeutix in the 4th quarter worth $3,122,000. Finally, Artia Global Partners LP purchased a new stake in shares of Ocular Therapeutix during the 4th quarter worth $1,962,000. 59.21% of the stock is owned by institutional investors.

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.