Ocular Therapeutix Inc. (NASDAQ:OCUL) shares dropped 7.8% during trading on Wednesday . The company traded as low as $6.20 and last traded at $6.24, with a volume of 670,346 shares changing hands. The stock had previously closed at $6.77.

OCUL has been the subject of a number of recent analyst reports. Morgan Stanley restated a “buy” rating on shares of Ocular Therapeutix in a research report on Thursday, May 12th. Zacks Investment Research upgraded shares of Ocular Therapeutix from a “hold” rating to a “buy” rating and set a $7.50 price target for the company in a research report on Friday, August 12th. Cowen and Company reiterated a “buy” rating on shares of Ocular Therapeutix in a research report on Monday, June 6th. BTIG Research reiterated a “buy” rating and issued a $18.00 target price on shares of Ocular Therapeutix in a research report on Tuesday, July 26th. Finally, JMP Securities began coverage on shares of Ocular Therapeutix in a research report on Thursday, August 11th. They issued an “outperform” rating and a $5.84 target price for the company. Six investment analysts have rated the stock with a buy rating, Ocular Therapeutix currently has an average rating of “Buy” and an average price target of $19.07.

The company’s market capitalization is $159.85 million. The stock has a 50-day moving average of $5.84 and a 200 day moving average of $8.29.

Ocular Therapeutix (NASDAQ:OCUL) last released its quarterly earnings results on Tuesday, August 9th. The biopharmaceutical company reported ($0.46) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.49) by $0.03. During the same quarter in the previous year, the business posted ($0.45) earnings per share. The business earned $0.44 million during the quarter, compared to the consensus estimate of $0.55 million. The firm’s revenue was down 3.9% on a year-over-year basis. Equities research analysts predict that Ocular Therapeutix Inc. will post ($1.87) EPS for the current fiscal year.

In other Ocular Therapeutix news, CEO Amarpreet Sawhney purchased 10,000 shares of the firm’s stock in a transaction on Thursday, June 9th. The shares were acquired at an average cost of $6.70 per share, for a total transaction of $67,000.00. Following the completion of the transaction, the chief executive officer now owns 573,733 shares of the company’s stock, valued at $3,844,011.10. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website.

Ocular Therapeutix, Inc is a biopharmaceutical company. The Company is focused on the development and commercialization of therapies for diseases and conditions of the eye using its hydrogel platform technology. The Company’s bioresorbable hydrogel based product candidates are designed to provide sustained delivery of therapeutic agents to the eye.

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