In a report released today, Elemer Piros from Cantor Fitzgerald reiterated a Buy rating on Ocular Therapeutix (OCUL), with a price target of $24. The company’s shares opened today at $5.95.
Piros observed:
“. We are reiterating our Overweight rating and raising our price target to $24/share from $22/share following the DEXTENZA approval. This morning Ocular Therapeutix held a conference call and announced that DEXTENZA 0.4mg has been approved by the FDA for the treatment of ocular pain following ophthalmic surgery. The approval comes approximately four weeks ahead of the 12/28/2018 PDUFA date. With the approval, we believe all manufacturing related issues have been addressed, and now shift the focus to commercialization efforts. Shares are +10% pre-market.”
According to TipRanks.com, Piros has currently no stars on a ranking scale of 0-5 stars, with an average return of -9.9% and a 36.7% success rate. Piros covers the Healthcare sector, focusing on stocks such as Spring Bank Pharmaceuticals Inc, Proteostasis Therapeutics Inc, and Strongbridge Biopharma Plc.
Currently, the analyst consensus on Ocular Therapeutix is a Strong Buy with an average price target of $13.75.
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The company has a one-year high of $8.28 and a one-year low of $3.84. Currently, Ocular Therapeutix has an average volume of 414.7K.
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Ocular Therapeutix, Inc. is a biopharmaceutical company, which engages in the development and commercialization of therapies for diseases and conditions of the eye. Its product pipeline include Dextenza, OTX-TP, and OTX-TIC . The company was founded by Amarpreet S. Sawhney and Farhad Khosravi on September 12, 2006 and is headquartered in Bedford, MA.
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