Drug Stock In Focus After FDA Resubmission
The company made the announcement this morning
Shares of Ocular Therapeutix Inc (NASDAQ:OCUL) are down 2.2% at $7.09 in early trading, after the company announced its New Drug Application (NDA) resubmission for its eye pain drug DEXTENZA, to the Food and Drug Administration (FDA). The company's President and CEO Antony Mattessich said it has made "substantial improvements" in the manufacturing of the pain drug.
Looking at the charts, Ocular Therapeutix stock has been trending higher since November, with pullbacks in recent months contained by the 50-day moving average. Overall, the drug concern has gained nearly 59% year-to-date.
Digging deeper, analyst sentiment has been extremely optimistic toward OCUL. As of yesterday, all six brokerage firms following the stock sport "strong buy" recommendations, while Ocular Therapeutix stock's average 12-month price target stands at $20.33 -- almost triple current levels.
Finally, short interest rose 2.7% during the most recent reporting period, and now represents nearly 20% of the stock's total available float. At OCUL's average price of daily trading, it would take over two weeks for shorts to cover their bearish bets.