Ocular Therapeutix (NASDAQ:OCUL) Raised to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Ocular Therapeutix (NASDAQ:OCUL) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning, Zacks.com reports. The firm currently has $9.50 target price on the biopharmaceutical company’s stock.

According to Zacks, “Ocular Therapeutix, Inc. is a biopharmaceutical company. It is focused on the development and commercialization of ophthalmic therapeutic products using its proprietary hydrogel technology to address unmet or underserved needs in ophthalmology. The Company develops and markets eye care products. Ocular Therapeutix, Inc. is headquartered in Bedford, Massachusetts. “

Several other equities analysts have also recently weighed in on OCUL. HC Wainwright raised their price objective on Ocular Therapeutix from $10.00 to $13.00 and gave the company a buy rating in a report on Monday. Piper Sandler raised their price objective on Ocular Therapeutix from $11.00 to $14.00 and gave the company an overweight rating in a report on Wednesday, July 22nd. They noted that the move was a valuation call. Finally, BidaskClub cut Ocular Therapeutix from a buy rating to a hold rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of Buy and a consensus price target of $9.90.

OCUL stock traded down $0.08 during trading hours on Tuesday, reaching $7.98. 16,687 shares of the stock were exchanged, compared to its average volume of 917,302. The firm’s 50-day moving average is $8.20 and its 200-day moving average is $6.42. The company has a market cap of $432.75 million, a price-to-earnings ratio of -3.97 and a beta of 1.57. Ocular Therapeutix has a 12 month low of $2.46 and a 12 month high of $9.27.

Ocular Therapeutix (NASDAQ:OCUL) last released its earnings results on Friday, August 7th. The biopharmaceutical company reported ($0.64) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.31) by ($0.33). Ocular Therapeutix had a negative return on equity of 6,659.51% and a negative net margin of 1,416.43%. Equities analysts expect that Ocular Therapeutix will post -1.09 earnings per share for the current year.

In other Ocular Therapeutix news, major shareholder Summer Road Llc purchased 363,636 shares of Ocular Therapeutix stock in a transaction that occurred on Tuesday, May 19th. The stock was acquired at an average price of $5.50 per share, for a total transaction of $1,999,998.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 7.70% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Valeo Financial Advisors LLC acquired a new stake in Ocular Therapeutix during the second quarter worth approximately $25,000. Bank of Montreal Can lifted its position in Ocular Therapeutix by 633.2% during the second quarter. Bank of Montreal Can now owns 4,744 shares of the biopharmaceutical company’s stock worth $36,000 after acquiring an additional 4,097 shares during the last quarter. Lindbrook Capital LLC lifted its position in Ocular Therapeutix by 447.8% during the second quarter. Lindbrook Capital LLC now owns 5,478 shares of the biopharmaceutical company’s stock worth $46,000 after acquiring an additional 4,478 shares during the last quarter. WealthStone Inc. acquired a new stake in Ocular Therapeutix during the second quarter worth approximately $83,000. Finally, Trexquant Investment LP acquired a new stake in Ocular Therapeutix during the second quarter worth approximately $102,000. Institutional investors and hedge funds own 53.37% 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 platform technology. The company markets ReSure Sealant, a hydrogel ophthalmic wound sealant to seal corneal incisions following cataract surgery.

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