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BEDFORD, Mass. - Ocular Therapeutix, Inc. (NASDAQ:OCUL) saw its shares plunge 12.3% after the biopharmaceutical company reported fourth-quarter results that fell short of analyst expectations.
The company, which focuses on developing therapies for diseases and conditions of the eye, posted a loss of $0.29 per share for the quarter, wider than the $0.25 loss analysts had forecast. Revenue came in at $17.08 million, slightly below the consensus estimate of $17.21 million but up 15.4% from $14.8 million in the same quarter last year.
For the full year 2024, Ocular reported total revenue of $63.7 million, a 9% increase from $58.4 million in 2023. The company attributed the growth to higher gross revenues from sales of its DEXTENZA product, partially offset by increased gross-to-net provisions.
Despite the earnings miss, Ocular highlighted progress in its clinical programs, particularly for its AXPAXLI treatment for wet age-related macular degeneration (wet AMD (NASDAQ:AMD)). The company announced updates to its registrational program designed to accelerate the path to NDA submission and increase label flexibility.
"We’re executing not only with speed but also with precision," said Pravin U. Dugel, MD, Executive Chairman, President and CEO of Ocular Therapeutix. "Today we announced key updates designed to accelerate our path to NDA submission while maintaining strong study integrity and alignment with FDA guidance."
Ocular ended 2024 with a cash balance of $392.1 million, which it expects will fund operations into 2028. The company stated it does not intend to raise additional capital this year.
Raymond (NSE:RYMD) James analyst Dane Leone reiterated a Strong Buy rating and a $19.00 price target on Ocular.
The analyst stated, "Based on our positive view of Axpaxli’s drug product profile relative to competing sustained release TKI platforms and the strategic design of the SOL-1 and SOL-R studies we maintain our Strong Buy rating and price target to $19."
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