BTIG Weighs In on Ocular Therapeutix Inc (OCUL) Following NDA Resubmission
This morning, Ocular Therapeutix Inc (NASDAQ:OCUL) announced the resubmission of a New Drug Application (NDA) to the FDA for Dextenza, a drug-device combination for the treatment of ocular pain after ophthalmic surgery.
In the wake of the announcement, BTIG analyst Dane Leone reiterated a Buy rating on OCUL, with a price target of $13.00, which represents a potential upside of 73% from where the stock is currently trading.
Leone commented, “We continue to think that reimbursement discussions for Dextenza likely present the most significant risk for commercial launch: Once approved by the FDA for post-surgical ocular pain, the company will need to file for a pass through code for CMS reimbursement, which is generally a 3-month review process. Currently, the management target reimbursement expectation is for a $450 – 475 price per insert.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Dane Leone has a yearly average return of 7.7% and a 64% success rate. Leone has a 0.0% average return when recommending OCUL, and is ranked #485 out of 4361 analysts.
All the 5 analysts polled in the past 12 months rate Ocular stock a Buy. With a return potential of 197%, the stock’s consensus target price stands at $22.33.