Ocular Therapeutix (NASDAQ:OCUL) Shares Up 8.8% on Better-Than-Expected Earnings

Shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL) shot up 8.8% during mid-day trading on Thursday following a stronger than expected earnings report. The stock traded as high as $10.08 and last traded at $9.30. 3,420,981 shares traded hands during trading, a decline of 34% from the average session volume of 5,198,589 shares. The stock had previously closed at $8.55.

The biopharmaceutical company reported ($0.29) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.05. The business had revenue of $13.25 million for the quarter. Ocular Therapeutix had a negative return on equity of 86.33% and a negative net margin of 447.57%.The firm’s revenue was down 22.4% on a year-over-year basis. During the same period in the previous year, the business posted ($0.29) earnings per share.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Needham & Company LLC reaffirmed a “buy” rating and issued a $20.00 price target on shares of Ocular Therapeutix in a research report on Monday, December 8th. Royal Bank Of Canada restated an “outperform” rating on shares of Ocular Therapeutix in a research report on Wednesday, November 5th. HC Wainwright boosted their price target on Ocular Therapeutix from $19.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, December 8th. Weiss Ratings reissued a “sell (d-)” rating on shares of Ocular Therapeutix in a report on Thursday, January 22nd. Finally, Chardan Capital restated a “buy” rating and issued a $21.00 target price on shares of Ocular Therapeutix in a research note on Tuesday, December 9th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $22.56.

Insider Activity at Ocular Therapeutix

In other news, COO Donald Notman sold 6,035 shares of the company’s stock in a transaction dated Wednesday, February 4th. The shares were sold at an average price of $8.54, for a total value of $51,538.90. Following the sale, the chief operating officer owned 377,802 shares of the company’s stock, valued at approximately $3,226,429.08. This represents a 1.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Trading of Ocular Therapeutix

Several large investors have recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC raised its stake in shares of Ocular Therapeutix by 62.9% in the second quarter. Nisa Investment Advisors LLC now owns 3,604 shares of the biopharmaceutical company’s stock valued at $33,000 after acquiring an additional 1,392 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in Ocular Therapeutix by 17.0% during the 2nd quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,154 shares of the biopharmaceutical company’s stock valued at $57,000 after purchasing an additional 893 shares in the last quarter. KBC Group NV bought a new position in Ocular Therapeutix in the 4th quarter valued at $78,000. Quarry LP acquired a new position in Ocular Therapeutix in the third quarter worth $80,000. Finally, Trust Co. of Vermont grew its holdings in shares of Ocular Therapeutix by 24.3% during the fourth quarter. Trust Co. of Vermont now owns 8,950 shares of the biopharmaceutical company’s stock worth $109,000 after purchasing an additional 1,750 shares during the last quarter. 59.21% of the stock is owned by institutional investors.

Ocular Therapeutix Stock Performance

The stock has a 50 day moving average price of $11.94 and a two-hundred day moving average price of $11.97. The company has a debt-to-equity ratio of 0.27, a current ratio of 7.85 and a quick ratio of 7.78. The company has a market capitalization of $1.99 billion, a price-to-earnings ratio of -6.47 and a beta of 0.90.

About Ocular Therapeutix

Ocular Therapeutix, Inc is a biopharmaceutical company dedicated to the development of innovative therapies for diseases and conditions of the eye. Founded in 2011 and headquartered in Bedford, Massachusetts, the company focuses on sustained-release drug delivery platforms designed to address key unmet needs in ophthalmology. Its proprietary hydrogel-based inserts and sealants aim to improve patient compliance and outcomes by providing controlled release of active pharmaceutical ingredients directly to ocular tissues.

The company’s flagship product, DEXTENZA®, is a preservative-free, sustained-release dexamethasone intracanalicular insert approved by the U.S.