Ocular Therapeutix price target lowered to $12 from $25 at JMP Securities

JMP Securities analyst Jonathan Wolleben lowered the firm’s price target on Ocular Therapeutix to $12 from $25 but keeps an Outperform rating on the shares after the company’s Q4 product revenue update. The analyst states that his model has also pushed back peak sales estimate for Dextenza in AC to 2029 from 2027 while "conservatively" raising his discount rate to 15% from 12.5% and removing OTX-DED and OTX-TIC from his estimates. Wolleben adds however that he continues to recommend Ocular shares with new OTX-TKI data in February, Phase 2 data for OTX-TKI in glaucoma in Q4 and initial proof of concept for OTX-TKI in diabetic retinopathy in 2023.