Ocular Therapeutix (NASDAQ:OCUL) Given New $18.00 Price Target at Needham & Company LLC

Ocular Therapeutix (NASDAQ:OCUL) had its target price reduced by Needham & Company LLC from $20.00 to $18.00 in a research report issued on Friday,Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock. Needham & Company LLC’s target price indicates a potential upside of 156.05% from the stock’s previous close.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings restated a “sell (d-)” rating on shares of Ocular Therapeutix in a research report on Thursday, January 22nd. Royal Bank Of Canada restated an “outperform” rating and set a $30.00 price target on shares of Ocular Therapeutix in a research report on Thursday, February 5th. Citigroup reaffirmed an “outperform” rating on shares of Ocular Therapeutix in a research note on Tuesday. TD Cowen reiterated a “buy” rating on shares of Ocular Therapeutix in a research note on Thursday, October 30th. Finally, Chardan Capital restated a “buy” rating and issued a $21.00 target price on shares of Ocular Therapeutix in a research report on Wednesday. Twelve analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ocular Therapeutix has a consensus rating of “Moderate Buy” and an average price target of $23.78.

Ocular Therapeutix Stock Performance

Shares of OCUL stock opened at $7.03 on Friday. The company has a current ratio of 15.39, a quick ratio of 15.32 and a debt-to-equity ratio of 0.11. Ocular Therapeutix has a 12-month low of $5.78 and a 12-month high of $16.44. The business’s 50 day moving average is $10.89 and its two-hundred day moving average is $11.71. The company has a market capitalization of $1.53 billion, a P/E ratio of -4.88 and a beta of 0.90.

Ocular Therapeutix (NASDAQ:OCUL) last announced its earnings results on Thursday, February 5th. The biopharmaceutical company reported ($0.29) earnings per share for the quarter, topping the consensus estimate of ($0.33) by $0.04. Ocular Therapeutix had a negative return on equity of 70.68% and a negative net margin of 511.90%.The business had revenue of $13.25 million during the quarter, compared to the consensus estimate of $16.13 million. During the same period in the prior year, the company posted ($0.29) EPS. The business’s quarterly revenue was down 22.4% on a year-over-year basis. Analysts expect that Ocular Therapeutix will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Pravin Dugel sold 124,882 shares of the stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $9.04, for a total value of $1,128,933.28. Following the completion of the sale, the insider owned 3,033,078 shares of the company’s stock, valued at approximately $27,419,025.12. This trade represents a 3.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Sanjay Nayak sold 10,348 shares of Ocular Therapeutix stock in a transaction that occurred on Thursday, February 12th. The stock was sold at an average price of $9.04, for a total value of $93,545.92. Following the transaction, the insider owned 332,412 shares in the company, valued at approximately $3,005,004.48. The trade was a 3.02% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 166,029 shares of company stock valued at $1,498,430 over the last ninety days. 2.30% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Millennium Management LLC increased its position in Ocular Therapeutix by 3,136.1% during the third quarter. Millennium Management LLC now owns 3,855,706 shares of the biopharmaceutical company’s stock worth $45,073,000 after purchasing an additional 3,736,560 shares during the last quarter. Alliancebernstein L.P. boosted its holdings 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 valued at $40,032,000 after purchasing an additional 3,261,619 shares during the last quarter. Avoro Capital Advisors LLC grew its stake in shares of Ocular Therapeutix by 38.5% in the 3rd quarter. Avoro Capital Advisors LLC now owns 10,250,000 shares of the biopharmaceutical company’s stock valued at $119,822,000 after buying an additional 2,850,000 shares during the period. Vanguard Group Inc. increased its holdings in shares of Ocular Therapeutix by 26.3% during the 4th quarter. Vanguard Group Inc. now owns 11,575,193 shares of the biopharmaceutical company’s stock worth $140,523,000 after buying an additional 2,411,953 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Ocular Therapeutix by 106.5% during the 4th quarter. Janus Henderson Group PLC now owns 4,229,202 shares of the biopharmaceutical company’s stock valued at $51,321,000 after buying an additional 2,180,702 shares during the period. Institutional investors and hedge funds own 59.21% of the company’s stock.

Ocular Therapeutix Company Profile

Ocular Therapeutix, Inc is a biopharmaceutical company dedicated to the development of innovative therapies for diseases and conditions of the eye. Founded in 2011 and headquartered in Bedford, Massachusetts, the company focuses on sustained-release drug delivery platforms designed to address key unmet needs in ophthalmology. Its proprietary hydrogel-based inserts and sealants aim to improve patient compliance and outcomes by providing controlled release of active pharmaceutical ingredients directly to ocular tissues.

The company’s flagship product, DEXTENZA®, is a preservative-free, sustained-release dexamethasone intracanalicular insert approved by the U.S.