On Tuesday, JMP Securities updated its outlook on Ocular Therapeutix (NASDAQ:OCUL), doubling the price target to $24.00 from the previous $12.00. The firm sustained its Market Outperform rating for the biopharmaceutical company. This revision reflects anticipation of upcoming developments including the Phase 3 SOL-1 trial of axpaxli, which is currently screening patients with wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)).
The analyst from JMP Securities highlighted several key points contributing to the optimistic stance. Notably, the firm believes axpaxli possesses a superior combination of efficacy and safety within the wet AMD treatment landscape. Additionally, recent high-profile hires at Ocular Therapeutix have bolstered investor confidence in the company's innovative trial design for axpaxli.
According to the analyst, Ocular Therapeutix is poised to become a leader in retina disease treatment. An investor day is planned for next quarter to outline the company's revised strategy. The firm is also anticipating new clinical data for axpaxli in the treatment of diabetic retinopathy and paxtrava for glaucoma in the second quarter of this year. These updates could potentially provide a near-term uplift to the company's stock value.
The financial position of Ocular Therapeutix was also a point of discussion. The company reportedly has approximately $499 million in pro forma cash, which management believes should provide a sufficient financial runway into at least 2028.
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