Ocular Therapeutix (NASDAQ:OCUL) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank assumed coverage on shares of Ocular Therapeutix (NASDAQ:OCUL) in a research report released on Wednesday morning, Marketbeat.com reports. The firm issued a sector outperform rating and a $22.00 price objective on the biopharmaceutical company’s stock.

Several other research firms have also recently commented on OCUL. Piper Sandler reiterated an “overweight” rating and issued a $15.00 price target on shares of Ocular Therapeutix in a research note on Friday, June 21st. TD Cowen lowered Ocular Therapeutix from a “strong-buy” rating to a “hold” rating in a report on Friday, June 21st. HC Wainwright reissued a “buy” rating and issued a $14.00 price objective on shares of Ocular Therapeutix in a report on Wednesday. Finally, Robert W. Baird lowered their price objective on Ocular Therapeutix from $18.00 to $17.00 and set an “outperform” rating for the company in a report on Thursday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $16.57.

Ocular Therapeutix Trading Up 2.2 %

Shares of OCUL opened at $11.33 on Wednesday. The company has a current ratio of 16.64, a quick ratio of 16.55 and a debt-to-equity ratio of 0.18. The firm has a market capitalization of $1.77 billion, a P/E ratio of -8.39 and a beta of 1.29. The stock’s fifty day simple moving average is $9.02 and its 200 day simple moving average is $7.46. Ocular Therapeutix has a twelve month low of $2.00 and a twelve month high of $11.58.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The company had revenue of $16.40 million for the quarter, compared to analyst estimates of $15.85 million. Ocular Therapeutix had a negative return on equity of 52.75% and a negative net margin of 226.46%. The company’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.27) EPS. On average, equities research analysts forecast that Ocular Therapeutix will post -1.02 earnings per share for the current year.

Institutional Trading of Ocular Therapeutix

Several hedge funds have recently modified their holdings of OCUL. Avoro Capital Advisors LLC increased its holdings in shares of Ocular Therapeutix by 12.7% in the second quarter. Avoro Capital Advisors LLC now owns 8,060,000 shares of the biopharmaceutical company’s stock valued at $55,130,000 after purchasing an additional 911,064 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Ocular Therapeutix by 41.4% during the first quarter. Vanguard Group Inc. now owns 7,235,131 shares of the biopharmaceutical company’s stock worth $65,840,000 after purchasing an additional 2,117,029 shares in the last quarter. Opaleye Management Inc. lifted its position in Ocular Therapeutix by 9.6% in the 1st quarter. Opaleye Management Inc. now owns 6,653,138 shares of the biopharmaceutical company’s stock valued at $60,544,000 after acquiring an additional 583,138 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Ocular Therapeutix in the 2nd quarter valued at $18,514,000. Finally, Deltec Asset Management LLC increased its stake in Ocular Therapeutix by 9.6% in the 2nd quarter. Deltec Asset Management LLC now owns 2,590,265 shares of the biopharmaceutical company’s stock valued at $17,717,000 after buying an additional 226,181 shares during the last quarter. Institutional investors and hedge funds 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.