Ocular Therapeutix (NASDAQ:OCUL) Lifted to “Buy” at TD Cowen

Ocular Therapeutix (NASDAQ:OCUL) was upgraded by equities research analysts at TD Cowen from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, MarketBeat.com reports. The firm presently has a $11.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $7.00. TD Cowen’s price objective suggests a potential upside of 100.36% from the company’s previous close.

OCUL has been the topic of a number of other research reports. HC Wainwright reiterated a “buy” rating and issued a $14.00 target price on shares of Ocular Therapeutix in a research report on Friday, June 14th. Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price target on shares of Ocular Therapeutix in a report on Friday, June 14th. JMP Securities dropped their price objective on shares of Ocular Therapeutix from $24.00 to $22.00 and set a “market outperform” rating for the company in a research note on Wednesday, May 8th. Finally, StockNews.com cut shares of Ocular Therapeutix from a “hold” rating to a “sell” rating in a research note on Friday, April 5th. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Ocular Therapeutix presently has an average rating of “Moderate Buy” and an average price target of $15.83.

Ocular Therapeutix Stock Performance

Shares of NASDAQ:OCUL opened at $5.49 on Thursday. Ocular Therapeutix has a 12-month low of $2.00 and a 12-month high of $11.31. The company’s 50 day moving average price is $5.76 and its two-hundred day moving average price is $6.23. The firm has a market cap of $850.35 million, a PE ratio of -4.07 and a beta of 1.42. The company has a quick ratio of 21.29, a current ratio of 21.39 and a debt-to-equity ratio of 0.16.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings results on Tuesday, May 7th. The biopharmaceutical company reported ($0.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.06). The company had revenue of $14.77 million for the quarter, compared to analyst estimates of $15.43 million. Ocular Therapeutix had a negative return on equity of 76.64% and a negative net margin of 192.61%. Equities research analysts predict that Ocular Therapeutix will post -0.98 earnings per share for the current year.

Hedge Funds Weigh In On Ocular Therapeutix

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCUL. Vanguard Group Inc. increased its holdings in Ocular Therapeutix by 41.4% in the first quarter. Vanguard Group Inc. now owns 7,235,131 shares of the biopharmaceutical company’s stock valued at $65,840,000 after purchasing an additional 2,117,029 shares during the period. Avoro Capital Advisors LLC acquired a new position in shares of Ocular Therapeutix in the 1st quarter worth approximately $65,055,000. Opaleye Management Inc. boosted its stake in shares of 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 purchasing an additional 583,138 shares during the last quarter. Franklin Resources Inc. bought a new position in Ocular Therapeutix during the fourth quarter worth $20,071,000. Finally, Deltec Asset Management LLC raised its stake in Ocular Therapeutix by 18.5% during the fourth quarter. Deltec Asset Management LLC now owns 2,443,607 shares of the biopharmaceutical company’s stock worth $10,898,000 after buying an additional 381,810 shares during the last quarter. 59.21% of the stock is currently owned by institutional investors and hedge funds.

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.