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BEDFORD, MA—Sanjay Nayak, Chief Strategy Officer at Ocular Therapeutix, Inc. (NASDAQ:OCUL), recently sold shares of the company's stock, according to a recent SEC filing. On November 25, 2024, Nayak sold 1,814 shares of Ocular Therapeutix common stock at a weighted average price of $9.00 per share, totaling $16,326.
These transactions were part of a pre-arranged plan to cover tax withholding obligations related to the vesting of restricted stock units, as per the durable automatic sale instruction Nayak adopted in February 2024. After the sale, Nayak retains ownership of 174,380 shares in the company.
The sales were executed at prices ranging from $8.88 to $9.10, as noted in the filing.
In other recent news, Ocular Therapeutix has been making significant strides in its clinical trials and financial performance. The company's third-quarter financial report showed a total revenue of $15.4 million, a 2.3% increase year-over-year, albeit falling short of the anticipated $16.8 million. The net loss stood at $36.5 million, which was more significant than the projected loss of $33.4 million. H.C. Wainwright has subsequently raised the stock's price target to $15.00 from the previous $14.00, maintaining a Buy rating.
The progress of the Phase 3 SOL-1 trial for AXPAXLI, a treatment for wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)), is a key development for Ocular Therapeutix. The company has also decided to permit direct enrollment into the subsequent SOL-R trial, possibly expediting the pivotal program for AXPAXLI. The trial is expected to reach full enrollment and randomization by the end of 2024, with topline results anticipated in the fourth quarter of 2025.
In addition, the company is progressing in regulatory discussions for DEXTENZA and exploring further opportunities in diabetic retinopathy treatment. These recent developments indicate Ocular Therapeutix's commitment to advancing AXPAXLI's clinical development and exploring treatment options for retinal diseases.
InvestingPro Insights
While Sanjay Nayak's recent stock sale was part of a pre-arranged plan, it's worth examining Ocular Therapeutix's current financial position to provide context for investors. According to InvestingPro data, Ocular Therapeutix has a market capitalization of $1.53 billion, reflecting significant investor interest in the company's potential.
The company's stock has shown remarkable performance, with a 337.22% price total return over the past year. This aligns with an InvestingPro Tip highlighting the company's "high return over the last year." Additionally, the stock has seen a "large price uptick over the last six months," with a 68.25% price total return during that period.
However, investors should note that Ocular Therapeutix is not currently profitable, with a negative gross profit margin of -76.79% in the last twelve months. This is reflected in an InvestingPro Tip that points out the company "suffers from weak gross profit margins." Despite this, another InvestingPro Tip indicates that Ocular Therapeutix "holds more cash than debt on its balance sheet," which could provide some financial flexibility as the company works towards profitability.
For those interested in a deeper analysis, InvestingPro offers 11 additional tips for Ocular Therapeutix, providing a more comprehensive view of the company's financial health and market position.
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