Ocular Therapeutix (NASDAQ:OCUL) Trading Down 10.6% – Time to Sell?

Ocular Therapeutix, Inc. (NASDAQ:OCUL)’s share price was down 10.6% during mid-day trading on Thursday . The company traded as low as $8.90 and last traded at $8.9050. 1,188,839 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 4,467,485 shares. The stock had previously closed at $9.96.

Wall Street Analyst Weigh In

OCUL has been the subject of several recent research reports. Robert W. Baird lifted their target price on shares of Ocular Therapeutix from $24.00 to $30.00 and gave the stock an “outperform” rating in a research note on Thursday, June 18th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Ocular Therapeutix in a research note on Tuesday, April 21st. Chardan Capital boosted their target price on shares of Ocular Therapeutix from $21.00 to $23.00 and gave the company a “buy” rating in a report on Thursday, June 25th. HC Wainwright reaffirmed a “buy” rating and issued a $25.00 price target (up from $21.00) on shares of Ocular Therapeutix in a report on Thursday, June 18th. Finally, Zacks Research cut Ocular Therapeutix from a “hold” rating to a “strong sell” rating in a research report on Tuesday. Twelve analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $25.11.

Ocular Therapeutix Stock Performance

The company’s fifty day simple moving average is $9.21 and its 200 day simple moving average is $9.44. The stock has a market capitalization of $2.00 billion, a P/E ratio of -6.28 and a beta of 0.88. The company has a current ratio of 14.81, a quick ratio of 14.73 and a debt-to-equity ratio of 0.12.

Insider Buying and Selling

In other Ocular Therapeutix news, insider Pravin Dugel sold 21,156 shares of the company’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $8.20, for a total value of $173,479.20. Following the transaction, the insider directly owned 2,597,170 shares in the company, valued at $21,296,794. This represents a 0.81% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 28,999 shares of company stock worth $237,792 in the last three months. 3.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC increased its position in shares of Ocular Therapeutix by 124.2% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 2,242 shares of the biopharmaceutical company’s stock worth $27,000 after purchasing an additional 1,242 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in Ocular Therapeutix in the 4th quarter worth approximately $31,000. Hilton Head Capital Partners LLC bought a new position in shares of Ocular Therapeutix in the 4th quarter worth $42,000. Atlas Capital Advisors Inc. bought a new position in shares of Ocular Therapeutix in the 4th quarter worth $61,000. Finally, State of Wyoming purchased a new stake in shares of Ocular Therapeutix during the 4th quarter valued at $78,000. Hedge funds and other institutional investors own 59.21% of the company’s stock.

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.