Ocular Therapeutix (NASDAQ:OCUL) Coverage Initiated at Royal Bank of Canada

Equities researchers at Royal Bank of Canada started coverage on shares of Ocular Therapeutix (NASDAQ:OCUL) in a report released on Tuesday, Marketbeat reports. The firm set an “outperform” rating and a $17.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 120.78% from the stock’s current price.

Other analysts have also recently issued reports about the company. JMP Securities set a $19.00 price target on Ocular Therapeutix in a research report on Tuesday, March 4th. HC Wainwright reissued a “buy” rating and issued a $15.00 price target on shares of Ocular Therapeutix in a research report on Tuesday, March 4th. Finally, Needham & Company LLC initiated coverage on Ocular Therapeutix in a research report on Tuesday, March 11th. They issued a “buy” rating and a $15.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Ocular Therapeutix has a consensus rating of “Moderate Buy” and a consensus price target of $16.38.

Ocular Therapeutix Stock Performance

Ocular Therapeutix stock opened at $7.70 on Tuesday. The stock’s 50 day simple moving average is $7.61 and its two-hundred day simple moving average is $8.80. The company has a debt-to-equity ratio of 0.19, a quick ratio of 12.94 and a current ratio of 13.01. The stock has a market cap of $1.22 billion, a price-to-earnings ratio of -5.83 and a beta of 1.34. Ocular Therapeutix has a fifty-two week low of $4.06 and a fifty-two week high of $11.78.

Ocular Therapeutix (NASDAQ:OCUL) last posted its quarterly earnings data on Monday, March 3rd. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of ($0.24) by ($0.05). The firm had revenue of $17.08 million for the quarter, compared to the consensus estimate of $16.89 million. Ocular Therapeutix had a negative net margin of 283.74% and a negative return on equity of 45.18%. As a group, analysts expect that Ocular Therapeutix will post -0.98 earnings per share for the current fiscal year.

Insider Activity at Ocular Therapeutix

In other Ocular Therapeutix news, insider Donald Notman sold 11,119 shares of the business’s stock in a transaction on Tuesday, February 4th. The shares were sold at an average price of $7.81, for a total transaction of $86,839.39. Following the completion of the sale, the insider now directly owns 193,444 shares in the company, valued at approximately $1,510,797.64. The trade was a 5.44 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Pravin Dugel sold 21,475 shares of the business’s stock in a transaction on Monday, February 24th. The shares were sold at an average price of $6.87, for a total transaction of $147,533.25. Following the sale, the insider now owns 3,520,318 shares of the company’s stock, valued at approximately $24,184,584.66. This represents a 0.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,895 shares of company stock valued at $283,772. 3.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ocular Therapeutix

A number of hedge funds have recently added to or reduced their stakes in the stock. Deep Track Capital LP raised its stake in Ocular Therapeutix by 0.9% during the 4th quarter. Deep Track Capital LP now owns 12,836,282 shares of the biopharmaceutical company’s stock valued at $109,622,000 after buying an additional 114,822 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ocular Therapeutix by 1.2% in the 4th quarter. Vanguard Group Inc. now owns 8,483,913 shares of the biopharmaceutical company’s stock worth $72,453,000 after purchasing an additional 99,730 shares in the last quarter. Point72 Asset Management L.P. increased its stake in shares of Ocular Therapeutix by 43.9% in the 4th quarter. Point72 Asset Management L.P. now owns 2,935,924 shares of the biopharmaceutical company’s stock worth $25,073,000 after purchasing an additional 895,304 shares in the last quarter. Deltec Asset Management LLC increased its stake in shares of Ocular Therapeutix by 0.6% in the 4th quarter. Deltec Asset Management LLC now owns 2,616,373 shares of the biopharmaceutical company’s stock worth $22,344,000 after purchasing an additional 16,300 shares in the last quarter. Finally, Braidwell LP increased its stake in shares of Ocular Therapeutix by 36.3% in the 3rd quarter. Braidwell LP now owns 2,239,770 shares of the biopharmaceutical company’s stock worth $19,486,000 after purchasing an additional 596,000 shares in the last quarter. 59.21% of the stock is currently owned by hedge funds and other institutional investors.

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.