Ocular Therapeutix (OCUL) shares have declined about 28% year to date, largely reflecting investor caution ahead of the pivotal SOL-1 readout, RBC Capital Markets said in a Wednesday note.
The firm said the timing of the SOL-1 data remains within guided timelines and an update was expected during the Q4 earnings call.
Ocular Therapeutix said Thursday that it will not be hosting Q4 conference call as it is currently observing a quiet period related to the anticipated data readout.
RBC said its internal trial simulations suggest SOL-1 can meet its primary endpoint under a range of scenarios.
The firm also pointed to data from the long-acting TKI class as supportive, citing phase 1 results showing 73% patients remained rescue-injection free for up to nine months.
RBC highlighted recent corporate actions, including the hiring of a new chief commercial officer with experience in retina, and the launch of two pivotal diabetic retinopathy studies.
RBC maintained its outperform rating on Ocular Therapeutix and a $30 price target.
Shares of Ocular Therapeutix were up nearly 7% in recent Thursday trading.
Price: 9.16, Change: +0.61, Percent Change: +7.13
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