Ocular Therapeutix initiated with an Outperform at RBC Capital

RBC Capital initiated coverage of Ocular Therapeutix (OCUL) with an Outperform rating and $17 price target Checks with key opinion leaders give the firm confidence that long-acting TKIs are poised to take a chunk of the $15B anti-VEGF market and that the company’s formulation is “relatively de-risked.” With the wet AMD landscape already heading towards longer-acting therapy, the firm thinks Ocular is well-positioned to further advance this trend and capture about 10% market share, adds the analyst, who views shares as “currently undervalued.”