Massachusetts-based biopharmaceutical firm Ocular Therapeutix (OCUL) has reported mixed financial results for the second quarter of 2021. The company develops and sells therapies for eye conditions and diseases.
Ocular reported a loss of $0.25 per share, larger than the Street’s estimate of a loss of $0.21 per share but narrower than the year-ago loss of $0.64 per share. (See Ocular stock chart on TipRanks)
Total revenue surged 631% year-over-year to $11.7 million, marginally above analysts’ expectations of $11.6 million. Net product revenue of DEXTENZA totaled $11.1 million, up from $1.4 million reported in the second quarter of 2020.
The President and CEO of Ocular Therapeutix, Antony Mattessich, said, “In the second half of 2021, we look forward to continued momentum with DEXTENZA, including a PDUFA date in allergic conjunctivitis in October, and further development of our pipeline which includes the expected completion of our Phase 2 clinical trial with OTX-CSI, our cyclosporine-containing intracanalicular insert for the chronic treatment of dry eye disease.”
Last month, Piper Sandler analyst Joseph Catanzaro reiterated a Buy rating on the stock with a price target of $28 (161% upside potential).
The analyst said, “We think the potential near-term growth in Dextenza is underappreciated and do see an opportunity for it to exit the year on an $80 million run rate and will be further aided in 2022 by the potential extension of pass-through status until year-end 2022.”
Overall, the stock has a Strong Buy consensus based on 3 Buys and 1 Hold. The average Ocular Therapeutix price target of $29 implies 170.3% upside potential. Shares of the company have lost 46.2% year-to-date.
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