Oculis Holding AG (NASDAQ:OCS) stock is down on Monday after the company announced disappointing results from its Phase 3 DIAMOND trials for its OCS-01 eye drops aimed at treating diabetic macular edema.
Oculis (OCS) Stock Drops After DIAMOND Phase 3 Miss
The neuro-ophthalmology and ophthalmology-focused company reported that the primary endpoint of the DIAMOND trials was not met, which has led to the decision not to pursue an FDA regulatory filing for OCS-01 in diabetic macular edema.
Despite a well-tolerated safety profile, the lack of significant improvement in visual acuity has raised concerns among investors.
Riad Sherif, CEO of Oculis, said: “We are naturally disappointed that the substantial and sustained reduction in retinal thickness observed across both trials didn’t translate into BCVA improvement at week 52.”
“While we finalize the review of DIAMOND program data, we will strategically focus resources on advancing our late-stage portfolio, including the Privosegtor platform, starting with the PIONEER program for Privosegtor in optic neuropathies, and the PREDICT-1 trial for Licaminlimab to drive precision medicine in dry eye disease.”
OCS Technical Analysis: Trading Below Key Moving Averages
The stock’s current price of $14.39 is significantly below its moving averages, with the 20-day simple moving average (SMA) at $29.40, indicating it is 50.7% below this level.
The moving average convergence divergence (MACD) is below its signal line, suggesting that upside momentum is fading, which could lead to further downward pressure unless a reversal occurs.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $52.50. Recent analyst moves include:
- Guggenheim: Initiated with Buy (Forecast $75.00) (May 21)
- JP Morgan: Overweight (Raises forecast to $42.00) (May 18)
- Needham: Buy (Raises forecast to $46.00) (May 12)
OCS Stock Price Activity: Oculis Holding shares were down 37.40% at $14.39 at the time of publication on Monday, according to Benzinga Pro data.
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