On Monday, H.C. Wainwright adjusted its outlook on Oculis Holding AG (NASDAQ:OCS), reducing the stock price target to $28.00 from the previous $29.00, while maintaining a Buy rating on the company's stock. The adjustment follows the recent closure of a significant equity financing round and ahead of anticipated clinical trial results.
Oculis recently completed a registered direct offering, issuing 5 million ordinary shares at a price of $11.75 each, resulting in gross proceeds of approximately $59 million. This transaction, which took place earlier in the week, bolsters the company's financial position, with its cash and short-term investments reaching an estimated CHF 129 million post-financing. This is a notable increase from the CHF 91.7 million ($108.9 million) reported at the end of December 2023.
The company also marked a milestone by beginning to trade on the Nasdaq Iceland Main Market on April 23, 2024. This dual listing in both the U.S. and Iceland expands Oculis' market presence.
A key focus for investors is the upcoming topline data from the Phase 2b RELIEF trial for OCS-02 (licaminlimab) in treating dry eye disease (DED), which the company expects to report in the second quarter of 2024. The management's commitment to this timeline has been emphasized as a significant event for the company.
In light of these developments, H.C. Wainwright has reiterated its confidence in Oculis with a Buy rating. The firm's estimated market value has been adjusted to $1.17 billion. Based on an anticipated count of 41.7 million shares outstanding at the end of the first quarter of 2025, the valuation corresponds to the updated price target of $28 per share.
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