Chardan Capital Reiterates Buy Rating for Ocular Therapeutix (NASDAQ:OCUL)

Chardan Capital reissued their buy rating on shares of Ocular Therapeutix (NASDAQ:OCUL) in a report issued on Thursday,Benzinga reports. The brokerage currently has a $21.00 price objective on the biopharmaceutical company’s stock.

A number of other research analysts have also recently issued reports on OCUL. Citigroup reissued an “outperform” rating on shares of Ocular Therapeutix in a research report on Wednesday. Scotiabank cut their target price on Ocular Therapeutix from $22.00 to $20.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, August 6th. JMP Securities lifted their price target on Ocular Therapeutix from $20.00 to $29.00 and gave the stock a “market outperform” rating in a research report on Wednesday. Finally, Needham & Company LLC increased their price objective on shares of Ocular Therapeutix from $15.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Ocular Therapeutix presently has a consensus rating of “Moderate Buy” and a consensus price target of $22.13.

Ocular Therapeutix Price Performance

Shares of OCUL stock opened at $11.41 on Thursday. The firm has a market cap of $1.99 billion, a P/E ratio of -8.91 and a beta of 1.45. The business’s 50 day moving average price is $12.30 and its 200-day moving average price is $9.73. Ocular Therapeutix has a fifty-two week low of $5.78 and a fifty-two week high of $13.85. The company has a debt-to-equity ratio of 0.23, a quick ratio of 10.02 and a current ratio of 10.10.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings data on Tuesday, August 5th. The biopharmaceutical company reported ($0.39) EPS for the quarter, missing the consensus estimate of ($0.35) by ($0.04). Ocular Therapeutix had a negative return on equity of 71.92% and a negative net margin of 382.51%.The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.12 million. During the same quarter last year, the company posted ($0.26) earnings per share. The firm’s revenue for the quarter was down 17.7% compared to the same quarter last year. On average, equities research analysts anticipate that Ocular Therapeutix will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Pravin Dugel sold 21,494 shares of the firm’s stock in a transaction on Monday, August 25th. The stock was sold at an average price of $12.04, for a total value of $258,787.76. Following the transaction, the insider directly owned 3,227,244 shares of the company’s stock, valued at approximately $38,856,017.76. This trade represents a 0.66% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey S. Heier sold 3,063 shares of Ocular Therapeutix stock in a transaction on Monday, August 25th. The shares were sold at an average price of $12.04, for a total value of $36,878.52. Following the transaction, the insider owned 259,911 shares in the company, valued at $3,129,328.44. This trade represents a 1.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 30,519 shares of company stock worth $367,865. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. grew its stake in shares of Ocular Therapeutix by 44.4% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 5,200,000 shares of the biopharmaceutical company’s stock valued at $38,116,000 after acquiring an additional 1,600,000 shares during the period. Paradigm Biocapital Advisors LP purchased a new position in Ocular Therapeutix during the first quarter valued at approximately $9,632,000. Peregrine Capital Management LLC bought a new position in shares of Ocular Therapeutix in the first quarter worth approximately $6,212,000. Invesco Ltd. increased its stake in shares of Ocular Therapeutix by 91.2% in the second quarter. Invesco Ltd. now owns 1,538,846 shares of the biopharmaceutical company’s stock worth $14,280,000 after purchasing an additional 734,017 shares in the last quarter. Finally, Raymond James Financial Inc. increased its stake in shares of Ocular Therapeutix by 142.8% in the second quarter. Raymond James Financial Inc. now owns 884,381 shares of the biopharmaceutical company’s stock worth $8,207,000 after purchasing an additional 520,138 shares in the last quarter. Institutional investors 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.