Ocular Lifted By Strong 3Q Prelim Net Product Sales
Shares of Ocular Therapeutix rose 2.1% in Wednesday’s extended market trading session after closing 28.7% higher as the biopharmaceutical company announced strong 3Q preliminary net sales results for its two key treatment products.
Ocular Therapeutix (OCUL) anticipates 3Q net revenue of its DEXTENZA (dexamethasone ophthalmic insert) 0.4 mg product to be between $5.3 million and $5.4 million, reflecting a 280% increase from the previous quarter. DEXTENZA is used for the treatment of inflammation and pain following ophthalmic surgery.
The company projects revenues of its ReSure Sealant product to grow 150% sequentially to $0.5 million. ReSure is an ocular sealant, which in a U.S. clinical trial, has shown to be safe and effective in sealing clear corneal incisions following cataract surgery.
“We are very pleased with the growing interest in DEXTENZA and we are encouraged by the growth in our reported sales,” said Ocular CEO Antony Mattessich. “For the quarter, our end-customers purchased almost 10,000 billable units with nearly half of that total coming in September. We are experiencing tremendous momentum, and we believe that there is strong receptivity to the DEXTENZA hands-free value proposition in the COVID environment.” (See OCUL stock analysis on TipRanks).
Ocular is focused on the development, manufacturing and commercialization of innovative therapies for diseases and conditions of the eye.
Following the preliminary results, Piper Sandler analyst Joseph Catanzaro reiterated his Buy rating and the price target of $14 (29.4% upside potential). In a note to investors, Catanzaro said that he expects Ocular’s DEXTENZA product to gain “significant” market share over the quarter.
Currently, the Street has a bullish outlook on the stock with a Strong Buy analyst consensus. With shares down nearly 174% year-to-date, the average price target of $14.50 implies upside potential of about 34% to current levels.
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