These Analysts Boost Their Forecasts On Ocular Therapeutix After Q4 Results

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Ocular Therapeutix, Inc. (NASDAQ: OCUL) reported worse-than-expected fourth-quarter financial results on Monday.

Ocular Therapeutix posted GAAP loss of 35 cents per share, compared to market estimates for a loss of 30 cents per share. The company’s quarterly sales came in at $14.802 million versus expectations of $15.707 million, according to data from Benzinga Pro.

Pravin Dugel, MD, Executive Chairman of Ocular Therapeutix said, “I believe the Company has made outstanding progress over the last several months, with the initiation of the Phase 3 SOL-1 study with AXPAXLI in wet AMD and successful financings that raised more than $440 million in gross proceeds from existing and new top tier health care investors. Further, I believe that wet AMD is just the beginning for AXPAXLI. We look forward to providing an update on the Company’s strategy and objectives related to our increased focus on retinal disease during our upcoming Investor Day, planned for the second quarter 2024.”

Ocular Therapeutix shares dipped 6.7% to trade at $9.08 on Tuesday.

These analysts made changes to their price targets on Ocular Therapeutix after the company reported results for the fourth quarter.

• JMP Securities raised the price target on Ocular Therapeutix from $12 to $24. JMP Securities analyst Jonathan Wolleben maintained a Market Outperform rating.
• TD Cowen increased the price target on Ocular Therapeutix from $8 to $11. TD Cowen analyst Tara Bancroft maintained a Market Perform rating.

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