Summer Road LLC Cuts Position in Ocular Therapeutix, Inc. $OCUL

Summer Road LLC decreased its stake in shares of Ocular Therapeutix, Inc. (NASDAQ:OCUL) by 11.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,108,555 shares of the biopharmaceutical company’s stock after selling 1,471,102 shares during the period. Ocular Therapeutix makes up 97.9% of Summer Road LLC’s investment portfolio, making the stock its largest holding. Summer Road LLC owned approximately 0.05% of Ocular Therapeutix worth $134,858,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Citigroup Inc. increased its stake in shares of Ocular Therapeutix by 574.4% in the third quarter. Citigroup Inc. now owns 673,348 shares of the biopharmaceutical company’s stock worth $7,871,000 after purchasing an additional 573,504 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Ocular Therapeutix by 9.2% during the third quarter. Vanguard Group Inc. now owns 9,163,240 shares of the biopharmaceutical company’s stock worth $107,118,000 after acquiring an additional 771,065 shares during the last quarter. Cantor Fitzgerald L. P. bought a new position in Ocular Therapeutix during the third quarter valued at $2,360,000. Avoro Capital Advisors LLC lifted its position in Ocular Therapeutix by 38.5% during the third quarter. Avoro Capital Advisors LLC now owns 10,250,000 shares of the biopharmaceutical company’s stock valued at $119,822,000 after purchasing an additional 2,850,000 shares during the last quarter. Finally, Rhenman & Partners Asset Management AB bought a new position in Ocular Therapeutix during the third quarter valued at $2,361,000. Institutional investors own 59.21% of the company’s stock.

Ocular Therapeutix Stock Performance

OCUL opened at $8.25 on Monday. The company has a debt-to-equity ratio of 0.12, a current ratio of 14.81 and a quick ratio of 14.73. The stock has a market cap of $1.81 billion, a P/E ratio of -5.65 and a beta of 0.89. Ocular Therapeutix, Inc. has a 1 year low of $6.23 and a 1 year high of $16.44. The firm has a fifty day moving average price of $8.83 and a 200 day moving average price of $10.12.

Wall Street Analysts Forecast Growth

OCUL has been the subject of several analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Ocular Therapeutix in a report on Tuesday, April 21st. HC Wainwright reissued a “buy” rating and set a $21.00 target price on shares of Ocular Therapeutix in a research report on Monday, April 13th. William Blair reissued an “outperform” rating on shares of Ocular Therapeutix in a research report on Monday, March 2nd. Jefferies Financial Group reaffirmed a “buy” rating on shares of Ocular Therapeutix in a research report on Tuesday, February 17th. Finally, Wall Street Zen downgraded shares of Ocular Therapeutix from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Twelve research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $23.78.

Insider Activity at Ocular Therapeutix

In other news, insider Pravin Dugel sold 21,156 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $8.20, for a total value of $173,479.20. Following the completion of the sale, the insider directly owned 2,597,170 shares in the company, valued at $21,296,794. This represents a 0.81% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 28,999 shares of company stock valued at $237,792 in the last ninety days. 2.30% of the stock is owned by corporate insiders.

About Ocular Therapeutix

Ocular Therapeutix, Inc is a biopharmaceutical company dedicated to the development of innovative therapies for diseases and conditions of the eye. Founded in 2011 and headquartered in Bedford, Massachusetts, the company focuses on sustained-release drug delivery platforms designed to address key unmet needs in ophthalmology. Its proprietary hydrogel-based inserts and sealants aim to improve patient compliance and outcomes by providing controlled release of active pharmaceutical ingredients directly to ocular tissues.

The company’s flagship product, DEXTENZA®, is a preservative-free, sustained-release dexamethasone intracanalicular insert approved by the U.S.