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XLV - Ocular Therapeutix: Executing On Dextenza's Launch A Name To Own In 2020
SPDR Select Sector Fund - Health Care
In late August, we first published on OCUL citing it as a deep value opportunity, with the stock skewed toward significant upside as we expect the launch of the company's Dextenza product to be impressive. Our view remains unchanged, and we believe that the thesis remains intact and is materializing. We continue to estimate peak Dextenza sales of $600-$750 million with the product obtaining approximately 25% of the cataract surgery market. On these metrics, we believe the stock can rise to the $40 per share range on the Dextenza opportunity alone in post-ophthalmic surgeries.