Oculis Holding AG (OCS) PT Lowered to $28 at H.C. Wainwright

H.C. Wainwright analyst Yi Chen lowered the price target on Oculis Holding AG (NASDAQ: OCS) to $28.00 (from $29.00) while maintaining a Buy rating.

The analyst commented: "$59M equity financing closed; Phase 2b RELIEF trial to report topline data in 2Q24. Earlier this week, Oculis announced the closing of a registered direct offering of 5M ordinary shares at $11.75 per share for gross proceeds of $59M. At the end of December 2023, the company had CHF 91.7M ($108.9M) in cash and short-term investments. We estimate the cash position post financing to approximate CHF 129M. Of note, the company’s ordinary shares began trading on Nasdaq Iceland Main Market on April 23, 2024, thus making it dual listed in the U.S. and Iceland. Importantly, management noted that the Phase 2b RELIEF trial of OCS-02 (licaminlimab) in dry eye disease (DED) remains on track to read out in the current quarter. Our estimated market value of the firm has increased to $1.17B. Assuming 41.7M shares outstanding at the end of 1Q25, this yields a value of $28 per share. Therefore, we reiterate our Buy rating while modulating the 12-month price target to $28 from $29 per share."

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