In a report released today, Ram Selvaraju from H.C. Wainwright reiterated a Buy rating on Ocular Therapeutix (OCUL), with a price target of $9. The company’s shares closed yesterday at $2.60, close to its 52-week low of $2.35.
Selvaraju observed:
“We note that CMS issuance of the C-code and approval of pass-through status ensure the company’s formal commercial launch of DEXTENZA in July. From our perspective, these elements are vital to ensure reasonable market access and reimbursement as the product is rolled out. Importantly, management indicated that product samples are now available and insertion training sessions are underway. In addition, we draw investors’ attention to the fact that CMS has included DEXTENZA on its list of products that have been preliminarily recommended for a new dedicated System (HCPCS) J-code. The J-code, which in our view is likely to be approved, should become effective on January 1, 2020.”
According to TipRanks.com, Selvaraju ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -3.8% and a 24.4% success rate. Selvaraju covers the Healthcare sector, focusing on stocks such as Biospecifics Technologies Corp, EyePoint Pharmaceuticals Inc, and Bausch Health Companies Inc.
Currently, the analyst consensus on Ocular Therapeutix is a Moderate Buy with an average price target of $10.60, which is a 307.7% upside from current levels. In a report issued on May 21, Piper Jaffray also maintained a Buy rating on the stock with a $8 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 $17.12 million. In comparison, last year the company had a GAAP net loss of $13.77 million.
Based on the recent corporate insider activity of 9 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of OCUL in relation to earlier this year.
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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.
