Ocular Therapeutix (NASDAQ:OCUL) Earns Sector Outperform Rating from Analysts at Scotiabank

Scotiabank initiated coverage on shares of Ocular Therapeutix (NASDAQ:OCUL) in a report issued on Wednesday morning, MarketBeat reports. The brokerage issued a sector outperform rating and a $22.00 target price on the biopharmaceutical company’s stock.

Other equities analysts have also recently issued research reports about the stock. Piper Sandler reaffirmed an “overweight” rating and set a $15.00 price objective on shares of Ocular Therapeutix in a research report on Friday, June 21st. Robert W. Baird lowered their price target on Ocular Therapeutix from $18.00 to $17.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. TD Cowen cut Ocular Therapeutix from a “strong-buy” rating to a “hold” rating in a research note on Friday, June 21st. Finally, HC Wainwright reissued a “buy” rating and set a $14.00 target price on shares of Ocular Therapeutix in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.57.

Ocular Therapeutix Price Performance

OCUL stock opened at $11.33 on Wednesday. Ocular Therapeutix has a 52-week low of $2.00 and a 52-week high of $11.58. The company has a quick ratio of 16.55, a current ratio of 16.64 and a debt-to-equity ratio of 0.18. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -8.39 and a beta of 1.29. The business has a fifty day moving average of $9.02 and a two-hundred day moving average of $7.45.

Ocular Therapeutix (NASDAQ:OCUL) last issued its quarterly earnings data on Wednesday, August 7th. The biopharmaceutical company reported ($0.26) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $15.85 million. During the same period in the previous year, the business posted ($0.27) earnings per share. The firm’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts anticipate that Ocular Therapeutix will post -1.02 earnings per share for the current year.

Hedge Funds Weigh In On Ocular Therapeutix

Several large investors have recently bought and sold shares of OCUL. Creative Planning purchased a new stake in Ocular Therapeutix during the third quarter worth approximately $182,000. Essex Investment Management Co. LLC raised its holdings in Ocular Therapeutix by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 443,677 shares of the biopharmaceutical company’s stock worth $3,860,000 after purchasing an additional 1,168 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Ocular Therapeutix during the 3rd quarter worth approximately $106,000. SG Americas Securities LLC acquired a new position in shares of Ocular Therapeutix in the 3rd quarter valued at $393,000. Finally, Cetera Investment Advisers grew its position in shares of Ocular Therapeutix by 1.8% in the 2nd quarter. Cetera Investment Advisers now owns 739,044 shares of the biopharmaceutical company’s stock valued at $5,055,000 after buying an additional 13,054 shares during the last quarter. Hedge funds and other 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.