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NEW YORK (TheStreet) -- Shares of Ocular Therapeutix (OCUL) - Get Ocular Therapeutix Inc Report  were rising 31.19% to $5.51 on heavy trading volume early Thursday afternoon after the Food and Drug Administration released a note saying the company's corrective actions on its new drug application for Dextenza have addressed the agency's concern.

Over 4.18 million shares of the Bedford, MA-based biopharmaceutical company have traded so far today, well above its 30-day daily average of 504,000 shares.

Ocular is seeking approval for Dextenza to treat ocular pain after eye surgery.

Last week, the FDA issued a note to the company raising issue with "deficiencies" in the manufacturing process and controls in Ocular's facility, causing the stock to plummet.

Today, however, the FDA's note stated the company had resolved these issues, with one exception related to the proposed process for identity testing of an incoming inert gas component used in the manufacturing process.

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Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

TheStreet Ratings rated this stock as a "sell" with a ratings score of D.

The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, weak operating cash flow and generally disappointing historical performance in the stock itself.

You can view the full analysis from the report here: OCUL

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