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On Thursday, H.C. Wainwright analyst Yi Chen revised the price target for Oculis Holding AG (NASDAQ:OCS) to $29 from the previous $30, while retaining a Buy rating on the stock. The adjustment follows Oculis’s announcement of its financial results for the year 2024 earlier this week, in which the company reported grant income of CHF 0.7 million and a net loss of CHF 85.8 million, or (CHF 2.12) per share. According to InvestingPro data, despite not being profitable, the company maintains a healthy current ratio of 2.37, indicating strong short-term liquidity.
The company is progressing towards submitting a New Drug Application (NDA) for OCS-01, a once-daily, topical OPTIREACH formulation of dexamethasone, intended for treating inflammation and pain after ocular surgery, expected in the first quarter of 2025. OCS-01 stands out as it could become the inaugural once-daily, preservative-free steroid for this indication. The market has shown confidence in Oculis’s pipeline, with the stock delivering an impressive 57.79% return over the past six months.
Additionally, Oculis is on schedule with the Phase 3 DIAMOND trials for OCS-01 eye drops to treat diabetic macular edema (DME), with enrollment completion anticipated soon and top-line data expected in the first half of 2026. The company’s interactions with the FDA in the first quarter confirmed the development path for licaminlimab (OCS-02) for dry eye disease (DED), and further discussions with the agency are planned for the second half of 2025 to review the ACUITY trial outcomes for privosegtor (OCS-05). InvestingPro subscribers can access 8 additional key insights about Oculis’s financial health and market performance.
Chen notes that the estimated market value of Oculis has increased to $1.41 billion. Nevertheless, the projected outstanding shares have also risen to 48.7 million, leading to the updated price target of approximately $29. The analyst concludes by reiterating the Buy rating and adjusting the 12-month price target to reflect the new estimates. This aligns with the broader analyst consensus, which remains strongly bullish on the stock, currently trading at $18.84 with analyst targets ranging from $21.98 to $41.07.
In other recent news, Oculis Holding AG has reported significant progress in its clinical trials, particularly for its drug OCS-05, which is under evaluation for treating acute optic neuritis (AON). The Phase 2 ACUITY trial demonstrated positive anatomical and functional benefits, leading to the U.S. FDA granting Investigational New Drug (IND) clearance and Orphan Drug designation for OCS-05. This milestone positions the company to advance into a Phase 2b trial in the United States, expected to begin in 2025. Analysts from Stifel and H.C. Wainwright have maintained Buy ratings on Oculis, with price targets set at $35 and $30, respectively, reflecting confidence in the drug’s potential market opportunity.
Financially, Oculis concluded 2024 with research and development expenses of $13.4 million and general and administrative costs of $6.3 million. The company reported cash and equivalents totaling $109 million, supported by a recent financing round that raised an additional $93 million, expected to fund operations into early 2028. Oculis is also advancing its Phase 3 DIAMOND program for OCS-01, aimed at post-ocular surgery treatments, with New Drug Application readiness anticipated in early 2025. These developments underscore Oculis’s ongoing commitment to expanding its research and development efforts, including exploring additional formulations of OCS-05 for conditions like glaucoma and diabetic retinopathy.
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