Analyst Serge Belanger from Needham maintained a Buy rating on Ocular Therapeutix and increased the price target to $20.00 from $15.00.
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Serge Belanger has given his Buy rating due to a combination of factors that highlight the potential growth and financial stability of Ocular Therapeutix. The company’s recent Investor Day event showcased significant advancements in their Axpaxli clinical trials for diabetic retinopathy, which is a substantial market opportunity in the U.S. with approximately 6 million patients. This market remains largely untapped, offering a promising avenue for expansion beyond the current treatment rates.
Furthermore, Ocular Therapeutix has strengthened its financial position with a recent equity offering of $475 million, which, along with their existing cash reserves, should sufficiently support the completion of their ongoing clinical programs. The updated financial model now includes projected sales from Axpaxli in new patient segments, leading to an increased price target of $20. These strategic developments underpin the Buy rating, reflecting confidence in the company’s future performance and market potential.
According to TipRanks, Belanger is a 4-star analyst with an average return of 6.0% and a 47.40% success rate. Belanger covers the Healthcare sector, focusing on stocks such as Viridian Therapeutics, KalVista Pharmaceuticals, and MoonLake Immunotherapeutics.
In another report released today, Piper Sandler also maintained a Buy rating on the stock with a $21.00 price target.