Jefferies stays constructive on Ocular Therapeutix despite SOL-1 selloff

Jefferies analyst Clara Dong notes Ocular Therapeutix (OCUL) was down about 20% following the topline readout from SOL-1. The reaction was mainly due to the Eylea arm “outperforming” with 55.8% of patients maintaining vision vs the 20% expected, narrowing the risk difference to 17.5% at week 36 falling below buy-side expectations of 30%-plus, though Jefferies would argue that the overall disease control looks good to validate the TKI class and awaits more details to be shared at upcoming medical meeting. The firm has a Buy rating on the shares with a price target of $28.