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NEW YORK (TheStreet) -- Shares of Ocular Therapeutix (OCUL) - Get Ocular Therapeutix Inc Report  were up 17.43% to $7.41 on heavy trading volume early-afternoon Thursday as the Bedford, MA-based company is partnering with the Tarrytown, NY-based biotechnology company Regeneron Pharmaceuticals (REGN). 

Under the agreement, the companies will collaborate on the development of a sustained release formulation of aflibercept, Regeneron's retinal disease treatment.

Aflibercept has been approved by the FDA under the name Eylea, Ocular said in a statement. 

The agreement gives Regeneron the option to obtain an exclusive license to use the sustained release formulation. If Regeneron exercises the option, Ocular could receive as much as $10 million. 

Ocular is also eligible to receive up to $305 million in milestone and royalty payments. 

Ocular focuses on the development and commercialization of therapies for diseases and conditions of the eye using hydrogel platform technology. 

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About 9.69 million shares of Ocular Therapeutix have been traded so far today, well above the company's average trading volume of roughly 532,751 shares per day.

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. 

The team rates Ocular as a Sell with a ratings score of D. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, disappointing return on equity, weak operating cash flow, feeble growth in its earnings per share and generally disappointing historical performance in the stock itself.

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

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