Raymond James Financial Inc. Makes New $1.72 Million Investment in Ocular Therapeutix, Inc.

Raymond James Financial Inc. has made a significant move by acquiring a new stake in Ocular Therapeutix, Inc. (NASDAQ:OCUL) during the fourth quarter as stated in their latest Form 13F filing with the Securities and Exchange Commission. This acquisition includes 201,623 shares of the biopharmaceutical company, valued at around $1,722,000. By the end of the last quarter, Raymond James Financial owned approximately 0.13% of Ocular Therapeutix’s shares.

Several other institutional investors and hedge funds have also adjusted their holdings in Ocular Therapeutix. For instance, Palumbo Wealth Management LLC invested in the company with a new position worth about $100,000 during the fourth quarter. Aigen Investment Management LP also bought shares valued at roughly $159,000. Additionally, China Universal Asset Management Co. Ltd. increased its holdings by 11.2% during the same period, bringing its total shares to 33,336, which are now valued at $285,000 after acquiring an additional 3,347 shares. Intech Investment Management LLC purchased a new stake in Ocular Therapeutix worth $422,000 in the third quarter, while Truist Financial Corp also bought shares valued at $427,000 during the fourth quarter. Currently, institutional investors hold 59.21% of the stock.

Ocular Therapeutix Stock Performance

On Tuesday, shares of OCUL opened at $7.33. The company has a 50-day moving average price of $7.51 and a 200-day moving average of $8.75. With a market capitalization of $1.17 billion, Ocular Therapeutix has a PE ratio of -5.55 and a beta of 1.34. The company’s debt-to-equity ratio stands at 0.19, while its current ratio is an impressive 13.01, and the quick ratio is 12.94. The stock has experienced a low of $4.06 and a high of $11.78 over the past year.

Ocular Therapeutix released its earnings results last on March 3rd. The biopharmaceutical company reported a loss of ($0.29) per share for the quarter, which was below analysts' expectations of ($0.24) by $0.05. The company recorded a negative return on equity of 45.18% and a net margin of -283.74%. Revenue for the quarter was reported at $17.08 million, slightly above analysts' predictions of $16.89 million. Looking ahead, analysts anticipate that Ocular Therapeutix, Inc. will report an EPS of -0.98 for the current year.

Insider Activity at Ocular Therapeutix

In recent news, insider Donald Notman sold 6,301 shares on January 31st, at an average price of $7.84, totaling $49,399.84 for the transaction. After this sale, Notman holds 204,563 shares, valued at about $1,603,773.92, which is a 2.99% decrease in ownership. The transaction was disclosed in a filing accessible via the SEC website. Another insider, Pravin Dugel, also sold 21,475 shares on February 24th, at an average price of $6.87, with the total amount reaching $147,533.25. Following this transaction, Dugel retains ownership of 3,520,318 shares valued at approximately $24,184,584.66. Over the last three months, insiders have sold a total of 38,895 shares worth $283,772, and corporate insiders own 3.50% of the company’s stock.

Analyst Upgrades and Downgrades

Various analysts have weighed in on Ocular Therapeutix shares recently. Royal Bank of Canada initiated coverage on the company, assigning an “outperform” rating along with a price target of $17.00. JMP Securities also set a price target of $19.00, while HC Wainwright maintained a “buy” rating with a $15.00 price objective. Needham & Company LLC initiated coverage, giving a “buy” rating with a target price of $15.00. Out of the analysts following the stock, one has a sell rating, another a hold rating, while seven analysts recommend buying the stock. Data from MarketBeat indicates an average rating of “Moderate Buy” for Ocular Therapeutix, with a consensus target price of $16.38.

About Ocular Therapeutix

Ocular Therapeutix, Inc. is a biopharmaceutical company that specializes in developing and commercializing therapies for eye diseases and conditions. The company utilizes its unique bioresorbable hydrogel-based formulation technology to develop products. One of its noteworthy products, DEXTENZA, is a dexamethasone ophthalmic insert used for treating inflammation and pain following eye surgeries, as well as for allergic conjunctivitis.

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Investment, Stocks, Pharmaceuticals