BEDFORD, MA—Pravin Dugel, Executive Chairman, President, and CEO of Ocular Therapeutix, Inc. (NASDAQ:OCUL), recently sold 20,680 shares of the company's common stock. The transaction, executed on November 25, 2024, was valued at approximately $186,326, with shares sold at a weighted average price of $9.01.
The sale was carried out under a pre-established trading plan, which Dugel adopted on February 21, 2024, to cover tax withholding obligations related to the vesting of restricted stock units. Following this transaction, Dugel retains ownership of 791,793 shares in the company.
This move aligns with standard practices for executives managing tax liabilities associated with stock-based compensation.
In other recent news, Ocular Therapeutix has seen significant progress in its financial and clinical developments. H.C. Wainwright recently adjusted its outlook for the company, raising the stock's price target to $15.00 from the previous $14.00, following the company's third-quarter financial report. The report showed a year-over-year revenue increase of 2.3% to $15.4 million, while the net loss was more significant than forecasted at $36.5 million.
Ocular Therapeutix also announced advancements in its clinical trials for AXPAXLI, a treatment for wet Age-related Macular Degeneration (AMD (NASDAQ:AMD)), with accelerated enrollment in the SOL-1 study and the initiation of direct patient enrollment in the SOL-R trial. The company anticipates critical data readouts in the fourth quarter of 2025, supported by a robust cash position of approximately $427 million.
In addition, the company is making progress in regulatory discussions for DEXTENZA and exploring further opportunities in diabetic retinopathy treatment. These recent developments, including the expected full enrollment and randomization of the SOL-1 trial by the end of 2024, underscore Ocular Therapeutix's commitment to advancing its clinical development and exploring treatment options for retinal diseases.
InvestingPro Insights
While Pravin Dugel's recent stock sale was primarily for tax purposes, it's worth examining Ocular Therapeutix's current financial position. According to InvestingPro data, the company's market capitalization stands at $1.53 billion, reflecting significant investor interest. This interest is underscored by the company's impressive 337.22% price return over the past year, indicating strong market confidence in Ocular's potential.
However, investors should note that Ocular Therapeutix is currently operating at a loss, with a negative gross profit margin of -76.79% for the last twelve months as of Q3 2024. This aligns with an InvestingPro Tip highlighting the company's weak gross profit margins. Despite this, another InvestingPro Tip reveals that Ocular holds more cash than debt on its balance sheet, suggesting a degree of financial stability amidst its growth phase.
For those seeking a deeper understanding of Ocular Therapeutix's financial health and market position, InvestingPro offers 12 additional tips, providing a comprehensive analysis for informed investment decisions.
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