Ocular Therapeutix (OCUL) Downgraded by Cowen to Market Perform

Cowen cut shares of Ocular Therapeutix (NASDAQ:OCUL) from an outperform rating to a market perform rating in a research report sent to investors on Tuesday morning, BenzingaRatingsTable reports. The brokerage currently has $3.00 target price on the biopharmaceutical company’s stock, down from their previous target price of $13.00.

A number of other research analysts have also recently commented on OCUL. Zacks Investment Research raised Ocular Therapeutix from a sell rating to a hold rating in a research note on Saturday, January 26th. Cantor Fitzgerald reiterated a buy rating and issued a $24.00 price target on shares of Ocular Therapeutix in a report on Thursday, March 7th. Finally, Piper Jaffray Companies set a $14.00 price target on Ocular Therapeutix and gave the company a buy rating in a report on Friday, March 8th. One equities research 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 presently has a consensus rating of Hold and a consensus price target of $9.18.

OCUL opened at $2.46 on Tuesday. The company has a market cap of $111.81 million, a PE ratio of -1.57 and a beta of 1.80. Ocular Therapeutix has a one year low of $2.35 and a one year high of $8.28. The company has a current ratio of 9.19, a quick ratio of 9.16 and a debt-to-equity ratio of 2.17.

Ocular Therapeutix (NASDAQ:OCUL) last released its earnings results on Friday, May 10th. The biopharmaceutical company reported ($0.45) 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 net margin of 2,956.91% and a negative return on equity of 165.85%. As a group, equities research analysts predict that Ocular Therapeutix will post -1.42 earnings per share for the current year.

In other news, Director Jeffrey S. Heier purchased 24,000 shares of the stock in a transaction that occurred on Friday, March 15th. The stock was purchased at an average price of $4.15 per share, for a total transaction of $99,600.00. Following the completion of the acquisition, the director now owns 24,000 shares of the company’s stock, valued at $99,600. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard L. Md Lindstrom purchased 56,441 shares of the stock in a transaction that occurred on Wednesday, March 13th. The stock was purchased at an average price of $4.33 per share, with a total value of $244,389.53. Following the acquisition, the director now directly owns 100,000 shares of the company’s stock, valued at approximately $433,000. The disclosure for this purchase can be found here. Insiders purchased 90,441 shares of company stock valued at $385,490 in the last quarter. 16.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA purchased a new stake in shares of Ocular Therapeutix in the first quarter valued at approximately $30,000. JGP Global Gestao de Recursos Ltda. purchased a new stake in shares of Ocular Therapeutix in the fourth quarter valued at approximately $50,000. JPMorgan Chase & Co. boosted its holdings in shares of Ocular Therapeutix by 106.8% in the first quarter. JPMorgan Chase & Co. now owns 17,640 shares of the biopharmaceutical company’s stock valued at $70,000 after purchasing an additional 9,110 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of Ocular Therapeutix by 100.0% in the first quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 20,000 shares of the biopharmaceutical company’s stock valued at $79,000 after purchasing an additional 10,000 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Ocular Therapeutix by 197.0% in the fourth quarter. Bank of America Corp DE now owns 26,271 shares of the biopharmaceutical company’s stock valued at $105,000 after purchasing an additional 17,425 shares during the period. Hedge funds and other institutional investors own 47.33% of the company’s stock.

Ocular Therapeutix Company Profile

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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Analyst Recommendations for Ocular Therapeutix (NASDAQ:OCUL)

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