As previously reported, Cowen analyst Ken Cacciatore downgraded Ocular Therapeutix to Market Perform from Outperform after the company reported disappointing pivotal data for the OTX-TP program. OTX-TP for the treatment of glaucoma did not appear to reach a clinically acceptable IOP lowering level to be commercially viable, said Cacciatore, who cut his price target on Ocular shares to $3 from $13. Though he believes Dextenza could eventually exceed $200M in sales, he sees Ocular shares at fair value to reflect this opportunity.

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Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here

Ocular Therapeutix announced positive topline results from the Phase 1 HELIOS study evaluating AXPAXLI versus a sham control in patients with moderately severe to severe non-proliferative diabetic retinopathy without diabetic macular edema. Ocular plans to present the study results at an upcoming meeting. Summary of Topline Phase 1 HELIOS Results Safety: AXPAXLI was generally well tolerated with no inflammation observed including no incidence of iritis, vitritis or vasculitis. Efficacy Results: 6 of 13 patients in the AXPAXLI group experienced a 1 or 2-step improvement in the Diabetic Retinopathy Severity Scale at 40 weeks, with 2 of the 6 having a 2-step improvement. No patients in the control group showed 1- or 2-step improvement at the same time point. No patients in the AXPAXLI group experienced any worsening in DRSS. 1 of 8 in the control group experienced worsening in the DRSS at 40 weeks. Durability of Effect: A single injection of AXPAXLI provided durable DRSS improvement up to 40 weeks. Rescue medication: No patients in either arm received rescue medication. Next Steps: Positive HELIOS results support decision to move directly to a Phase 3 study with AXPAXLI in patients with NPDR, pending discussions with the FDA. Data Release: Ocular plans to present topline results from the HELIOS study at a future meeting