Ocular Therapeutix (OCUL) Shares Down 22.6% After Analyst Downgrade

Ocular Therapeutix Inc (NASDAQ:OCUL) shares were down 22.6% during mid-day trading on Tuesday after HC Wainwright lowered their price target on the stock from $12.00 to $9.00. HC Wainwright currently has a buy rating on the stock. Ocular Therapeutix traded as low as $2.35 and last traded at $2.61. Approximately 3,984,496 shares traded hands during mid-day trading, an increase of 660% from the average daily volume of 524,399 shares. The stock had previously closed at $3.37.

Several other research firms also recently issued reports on OCUL. Piper Jaffray Companies lowered their price objective on Ocular Therapeutix to $8.00 and set a “market perform” rating for the company in a research note on Monday. Zacks Investment Research raised Ocular Therapeutix from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th. Cowen downgraded Ocular Therapeutix from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $13.00 to $3.00 in a research note on Tuesday. ValuEngine downgraded Ocular Therapeutix from a “hold” rating to a “sell” rating in a research note on Wednesday, May 1st. Finally, Cantor Fitzgerald reissued a “buy” rating and set a $24.00 target price on shares of Ocular Therapeutix in a research report on Thursday, March 7th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. Ocular Therapeutix has an average rating of “Hold” and an average target price of $9.18.

In other news, insider Michael H. Goldstein bought 10,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was acquired at an average price of $4.15 per share, with a total value of $41,500.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Jeffrey S. Heier bought 24,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were purchased at an average cost of $4.15 per share, with a total value of $99,600.00. Following the transaction, the director now directly owns 24,000 shares in the company, valued at approximately $99,600. The disclosure for this purchase can be found here. Insiders have acquired a total of 90,441 shares of company stock valued at $385,490 in the last three months. Insiders own 16.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in OCUL. Wells Fargo & Company MN increased its position in Ocular Therapeutix by 37.0% during the 3rd quarter. Wells Fargo & Company MN now owns 45,046 shares of the biopharmaceutical company’s stock valued at $310,000 after purchasing an additional 12,170 shares during the period. BlackRock Inc. increased its position in Ocular Therapeutix by 16.6% during the 3rd quarter. BlackRock Inc. now owns 2,292,263 shares of the biopharmaceutical company’s stock valued at $15,770,000 after purchasing an additional 326,381 shares during the period. Dimensional Fund Advisors LP acquired a new stake in Ocular Therapeutix during the 3rd quarter valued at approximately $200,000. Teachers Advisors LLC increased its position in Ocular Therapeutix by 24.1% during the 3rd quarter. Teachers Advisors LLC now owns 67,202 shares of the biopharmaceutical company’s stock valued at $462,000 after purchasing an additional 13,061 shares during the period. Finally, Vanguard Group Inc. increased its position in Ocular Therapeutix by 6.9% during the 3rd quarter. Vanguard Group Inc. now owns 1,427,533 shares of the biopharmaceutical company’s stock valued at $9,821,000 after purchasing an additional 92,335 shares during the period. 51.20% of the stock is owned by institutional investors and hedge funds.

The stock has a market cap of $144.36 million, a price-to-earnings ratio of -1.66 and a beta of 1.80. The company has a current ratio of 9.19, a quick ratio of 6.11 and a debt-to-equity ratio of 2.17.

Ocular Therapeutix (NASDAQ:OCUL) last posted its quarterly earnings results on Friday, May 10th. The biopharmaceutical company reported ($0.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.03). The business had revenue of $0.49 million for the quarter, compared to the consensus estimate of $0.45 million. Ocular Therapeutix had a negative return on equity of 165.85% and a negative net margin of 2,956.91%. Equities research analysts anticipate that Ocular Therapeutix Inc will post -1.42 earnings per share for the current year.

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Ocular Therapeutix Company Profile (NASDAQ:OCUL)

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 platform technology. The company markets ReSure Sealant, a hydrogel ophthalmic wound sealant to seal corneal incisions following cataract surgery.

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