Piper Jaffray analyst Joseph Catanzaro views the FDA approval of Dextenza for the treatment of ocular pain following ophthalmic surgery as "transformational" for Ocular Therapeutix. The news lifts a "significant overhang" on the stock that has persisted for the last couple of years and allows Ocular to realize the full potential of the entire hydrogel platform. Notably, the approval came with no post-approval commitments outside of doing a pediatric study, Catanzaro tells investors in a research note. The analyst says that while meaningful sales are not expected until pass-through reimbursement is established, he currently model Dextenza sales in the post-cataract setting growing to $250M-plus by 2025. He keeps an Overweight rating on Ocular Therapeutix with a $14 price target. The stock in morning trading is down 5%, or 36c, to $6.30.