BTIG Comments on Ocular Therapeutix Inc (OCUL) as CFO Resigns
BTIG analyst Dane Leone weighs in on Ocular Therapeutix Inc (NASDAQ:OCUL), following the news that CFO Bradford Smith will step down from his position as CFO of the company, effective March 31, 2017 to pursue other opportunities. The current COO, James Fortune will assume the role of principal financial officer and principal accounting officer on an interim basis. Ocular shares slipped nearly 4% to $9.45 in after-hours trading.
Leone commented, “Mr. Smith has been responsible for over $250 million in equity financing and has taken two companies public, and will be leaving to join an early stage company which aligns more with his interests and expertise. Almost all Brad’s shares have vested, so he is still highly invested in the success of the company, and will continue to provide consulting services and assist with the transitional process through May 31st , 2017.”
“Mgmt has already begun to interview candidates and make board introductions, and plans to select a candidate that is qualified to support the commercialization goals and the next growth stage of the company,” the analyst added.
According to TipRank, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Dane Leone has a yearly average return of 14.3% and a 73% success rate. Leone has a 19.7% average return when recommending OCUL, and is ranked #199 out of 4560 analysts.
All the 6 analysts polled in the past 12 months rate Ocular stock a Buy. With a return potential of 158%, the stock’s consensus target price stands at $25.50.