TD Cowen analyst Tara Bancroft maintained a Buy rating on Ocular Therapeutix today and set a price target of $20.00.
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Tara Bancroft’s rating is based on the promising potential of Axpaxli, a treatment developed by Ocular Therapeutix, which is expected to significantly impact the wet age-related macular degeneration (wAMD) market. The drug’s unique superiority label is anticipated to provide a competitive edge, allowing it to bypass certain market challenges and potentially achieve a higher reimbursement rate.
Additionally, Bancroft highlights the underappreciated opportunity in the non-proliferative diabetic retinopathy (NPDR) market, which is considerably larger than the wAMD market. The conservative estimates for Axpaxli’s market penetration in both wAMD and NPDR suggest substantial growth potential, justifying the increased price target and Buy rating. The confidence in Axpaxli’s clinical success and its anticipated widespread adoption further support this optimistic outlook.
According to TipRanks, Bancroft is a 4-star analyst with an average return of 11.0% and a 46.20% success rate. Bancroft covers the Healthcare sector, focusing on stocks such as Urogen Pharma, Geron, and Lantheus.
In another report released on October 23, Piper Sandler also maintained a Buy rating on the stock with a $31.00 price target.