H.C. Wainwright Lifts Ocular Therapeutix, Inc. (OCUL) Price Target Following Intravitreal Implant FDA Submission

Ocular Therapeutix Inc. (NASDAQ:OCUL) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, H.C. Wainwright reiterated a Buy rating on Ocular Therapeutix Inc. (NASDAQ:OCUL) and raised the price target to $21 from $19.

The research firm remains confident about the company’s outlook following the submission of a new drug application for AXPAXLI, its 450 µg axitinib intravitreal implant. The company has already received a boost from FDA commissioner Marty Makary, who reiterated that the agency will only require one pivotal clinical trial instead of two for new drug approvals.

Ocular Therapeutics is on course to deliver topline results in the first quarter of next year in its Phase 3 SOL-1 trial. It plans to leverage the 505(b)(2) regulatory pathway, which is expected to shorten the review timeline for its candidate drug, AXPAXLI.

“At Ocular Therapeutix, we have always been courageous, opportunistic, and bold in our efforts to redefine retina,” said Pravin U. Dugel, Executive Chairman, President, and CEO of Ocular Therapeutix. “Based on recent developments, we now intend to submit our NDA for AXPAXLI in wet AMD shortly after SOL-1 year one data, assuming positive results.”

Ocular Therapeutix Inc. (NASDAQ:OCUL) is a biopharma company that develops, manufactures, and sells innovative eye treatments for serious eye diseases, using its proprietary hydrogel technology to deliver drugs directly to the eye, reducing the need for frequent drops and improving outcomes for conditions like wet AMD, glaucoma, and post-surgery pain/inflammation.

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Disclosure: None. This article is originally published at Insider Monkey.