H.C. Wainwright analyst Ram Selvaraju reiterated a Buy rating on Ocular Therapeutix (NASDAQ: OCUL) today and set a price target of $10. The company’s shares closed yesterday at $5.54.
Selvaraju wrote:
“Our price target is derived from a market value of the firm at $435M, which includes a discounted cash flow-based asset value of $445M for Dextenza, OTX-TP and ReSure, and excludes the projected debt position of $10M at the end of 2Q19, using a 15% discount rate and 2% terminal growth rate, and assuming 43M shares outstanding at the end of 2Q19. Probabilities of success ascribed to post-surgical ocular pain and inflammation, allergic conjunctivitis and glaucoma are 80%, 40% and 40%, respectively.”
According to TipRanks.com, Selvaraju has 0 stars on 0-5 star ranking scale with an average return of -2.8% and a 33.9% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as IntelliPharmaCeutics International, Biospecifics Technologies Corp, and EyePoint Pharmaceuticals Inc.
Currently, the analyst consensus on Ocular Therapeutix is a Moderate Buy with an average price target of $16, a 188.8% upside from current levels. In a report released yesterday, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $22 price target.
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Based on Ocular Therapeutix’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $13.77 million. In comparison, last year the company had a GAAP net loss of $18.69 million.
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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.
