Piper Jaffray analyst Joseph Catanzaro lowered his price target on Ocular Therapeutix to $8 after disclosing that its OTX-TP Phase 3 glaucoma trial had failed, even though the analyst believes that the "clinical meaningfulness" of its intraocular pressure reduction "will be debated." Catanzaro notes that the company intends to further discuss its data with the FDA, but acknowledges that its revenue outlook may be at risk on today's disclosure. The analyst is also keeping his Overweight rating for the time being, further stating that the company will likely perform subgroup analyses, with additional trial likely requested by the FDA if the new set of data is "clinically meaningful."