Ocular Therapeutix Inc OCUL shares sunk nearly 16 percent following a first-quarter earnings miss Friday.
Despite the shares' current weakness, Cantor Fitzgerald reiterated its Overweight rating on the company with a $35 price target, well above Friday's $8.
Analyst's Take On Earnings, Call
In the earnings call, Ocular outlined items from a manufacturing inspection. Cantor Fitzgerald analyst Elemer Piros believes those concerns are addressable within the estimated 15-day reply period.
“We believe the response will not delay the timeline for DEXTENZA’S PDUFA date (July 19, 2017). Based on the totality of the data generated by DEXTENZA, we believe DEXTENZA will receive a positive action for pain following ocular surgery and ascribe a 90-percent probability of success in our model,” said Piros on Friday.
Cantor Fitzgerald sees the Form 483 as a minor hiccup and will not delay the current regulatory timeline.
“We believe the expansion underscores the commitment to initiate a strong commercial launch at time of approval,” concluded Piros.
At last check in Monday's pre-market session, shares had rebounded and were up 2.36 percent at $7.81.
Related Links:
Look For A 'Slow Bleed' Lower For Stericycle Shares Despite Q1 Beat
The Prospects For CHS-3351, Coherus' Most Underappreciated Asset
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.