Ocular Therapeutix (NASDAQ:OCUL) Research Coverage Started at Scotiabank

Analysts at Scotiabank assumed coverage on shares of Ocular Therapeutix (NASDAQ:OCUL - Get Free Report) in a research note issued to investors on Wednesday, MarketBeat reports. The brokerage set a "sector outperform" rating and a $22.00 price target on the biopharmaceutical company's stock. Scotiabank's price objective points to a potential upside of 91.80% from the stock's previous close.

A number of other analysts also recently issued reports on the stock. Robert W. Baird dropped their price target on shares of Ocular Therapeutix from $18.00 to $17.00 and set an "outperform" rating on the stock in a report on Thursday, August 8th. HC Wainwright restated a "buy" rating and issued a $14.00 target price on shares of Ocular Therapeutix in a report on Wednesday. TD Cowen lowered shares of Ocular Therapeutix from a "strong-buy" rating to a "hold" rating in a research note on Friday, June 21st. Finally, Piper Sandler restated an "overweight" rating and issued a $15.00 price target on shares of Ocular Therapeutix in a research note on Friday, June 21st. One research analyst has rated the stock with a sell rating, one has given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, Ocular Therapeutix currently has a consensus rating of "Moderate Buy" and an average target price of $16.57.

Ocular Therapeutix Stock Up 12.1 %

NASDAQ OCUL traded up $1.24 during mid-day trading on Wednesday, reaching $11.47. The stock had a trading volume of 2,473,881 shares, compared to its average volume of 1,967,799. The company has a fifty day moving average price of $8.84 and a 200 day moving average price of $7.38. The company has a debt-to-equity ratio of 0.18, a current ratio of 16.64 and a quick ratio of 16.55. Ocular Therapeutix has a 1 year low of $2.00 and a 1 year high of $11.58. The stock has a market cap of $1.78 billion, a PE ratio of -8.50 and a beta of 1.29.

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

Institutional Investors Weigh In On Ocular Therapeutix

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Avoro Capital Advisors LLC lifted its position 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 acquiring an additional 911,064 shares in the last quarter. Vanguard Group Inc. grew its holdings in Ocular Therapeutix by 41.4% during the 1st quarter. Vanguard Group Inc. now owns 7,235,131 shares of the biopharmaceutical company's stock valued at $65,840,000 after buying an additional 2,117,029 shares in the last quarter. Opaleye Management Inc. grew its holdings in shares of Ocular Therapeutix by 9.6% in the first quarter. Opaleye Management Inc. now owns 6,653,138 shares of the biopharmaceutical company's stock valued at $60,544,000 after purchasing an additional 583,138 shares in the last quarter. Point72 Asset Management L.P. purchased a new stake in Ocular Therapeutix during the second quarter valued at $18,514,000. Finally, Deltec Asset Management LLC increased its holdings in shares of 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 worth $17,717,000 after buying an additional 226,181 shares during the last quarter. Institutional investors own 59.21% of the company's stock.

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.