Ocular Therapeutix (NASDAQ:OCUL) Shares Up 12.3% – Time to Buy?

Ocular Therapeutix, Inc. (NASDAQ:OCUL)’s stock price rose 12.3% during trading on Thursday . The stock traded as high as $12.65 and last traded at $12.8710. Approximately 957,991 shares changed hands during mid-day trading, a decline of 54% from the average daily volume of 2,087,346 shares. The stock had previously closed at $11.46.

Analyst Upgrades and Downgrades

OCUL has been the topic of several research reports. Robert W. Baird lifted their price target on Ocular Therapeutix from $17.00 to $24.00 and gave the company an “outperform” rating in a research report on Friday, October 3rd. Piper Sandler raised their price objective on shares of Ocular Therapeutix from $21.00 to $31.00 and gave the stock an “overweight” rating in a report on Friday, October 3rd. JMP Securities increased their price target on Ocular Therapeutix from $20.00 to $29.00 and gave the stock a “market outperform” rating in a research note on Wednesday, October 1st. Needham & Company LLC lifted their target price on Ocular Therapeutix from $15.00 to $20.00 and gave the stock a “buy” rating in a report on Wednesday, October 1st. Finally, Royal Bank Of Canada reiterated an “outperform” rating on shares of Ocular Therapeutix in a research report on Wednesday, November 5th. Twelve investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $22.33.

Ocular Therapeutix Stock Performance

The firm has a market cap of $2.64 billion, a price-to-earnings ratio of -8.62 and a beta of 0.96. 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 firm has a fifty day simple moving average of $11.63 and a two-hundred day simple moving average of $11.03.

Ocular Therapeutix (NASDAQ:OCUL) last announced its quarterly earnings data on Tuesday, November 4th. The biopharmaceutical company reported ($0.37) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.02. Ocular Therapeutix had a negative net margin of 447.57% and a negative return on equity of 86.33%. The firm had revenue of $14.54 million during the quarter, compared to analyst estimates of $14.57 million. On average, analysts expect that Ocular Therapeutix, Inc. will post -0.98 EPS for the current year.

Insider Buying and Selling

In related news, insider Todd Anderman sold 11,132 shares of Ocular Therapeutix stock in a transaction dated Wednesday, October 8th. The stock was sold at an average price of $12.34, for a total value of $137,368.88. Following the completion of the transaction, the insider owned 87,568 shares in the company, valued at $1,080,589.12. The trade was a 11.28% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jeffrey S. Heier sold 10,502 shares of the business’s stock in a transaction that occurred on Thursday, October 2nd. The shares were sold at an average price of $11.04, for a total value of $115,942.08. Following the completion of the sale, the insider owned 249,409 shares of the company’s stock, valued at $2,753,475.36. This trade represents a 4.04% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 31,287 shares of company stock valued at $359,784 over the last quarter. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ocular Therapeutix

Large investors have recently added to or reduced their stakes in the stock. Avoro Capital Advisors LLC lifted its holdings in Ocular Therapeutix by 38.5% during the third quarter. Avoro Capital Advisors LLC now owns 10,250,000 shares of the biopharmaceutical company’s stock valued at $119,822,000 after purchasing an additional 2,850,000 shares in the last quarter. Vanguard Group Inc. raised its holdings in shares of Ocular Therapeutix by 9.2% during the third quarter. Vanguard Group Inc. now owns 9,163,240 shares of the biopharmaceutical company’s stock valued at $107,118,000 after acquiring an additional 771,065 shares during the last quarter. TCG Crossover Management LLC boosted its stake in shares of Ocular Therapeutix by 15.0% in the third quarter. TCG Crossover Management LLC now owns 6,117,232 shares of the biopharmaceutical company’s stock worth $71,510,000 after acquiring an additional 798,084 shares during the last quarter. Adage Capital Partners GP L.L.C. boosted its stake in shares of Ocular Therapeutix by 44.4% in the first quarter. Adage Capital Partners GP L.L.C. now owns 5,200,000 shares of the biopharmaceutical company’s stock worth $38,116,000 after acquiring an additional 1,600,000 shares during the last quarter. Finally, Millennium Management LLC raised its stake in Ocular Therapeutix by 3,136.1% in the 3rd quarter. Millennium Management LLC now owns 3,855,706 shares of the biopharmaceutical company’s stock valued at $45,073,000 after purchasing an additional 3,736,560 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.