H.C. Wainwright analyst Yi Chen reiterated a Buy rating on Ocular Therapeutix (OCUL) today and set a price target of $9. The company’s shares closed on Friday at $4.42.
Chen commented:
“Our price target is derived from a market value of the firm at $400M, which includes a discounted cash flow-based asset value of $457M for DEXTENZA, OTX-TIC and ReSure, and excludes projected debt of $56M at the end of 1Q20, using a 15% discount rate and 2% terminal growth rate, and assuming 43.5M shares outstanding.”
According to TipRanks.com, Chen ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -24.5% and a 35.0% success rate. Chen covers the Healthcare sector, focusing on stocks such as Aerpio Pharmaceuticals Inc, HTG Molecular Diagnostics, and Aslan Pharmaceuticals Ltd.
Currently, the analyst consensus on Ocular Therapeutix is a Moderate Buy with an average price target of $7.25, which is a 64.0% upside from current levels. In a report issued on June 21, JMP Securities also reiterated a Buy rating on the stock with a $9 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 15 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.
