Transaction details
Nadia Waheed, Chief Medical Officer of Ocular Therapeutix, INC (NASDAQ: OCUL), sold 3,510 shares of the company’s common stock on February 20, 2026, generating proceeds of approximately $27,167. The block was transacted at prices between $7.6838 and $7.7900, according to a Form 4 filing with the Securities and Exchange Commission. After the disposition, Waheed is reported to directly hold 314,907 shares of Ocular Therapeutix stock.
Reason for sale and prior arrangement
The filing indicates the sale was executed to cover tax withholding obligations associated with the vesting of restricted stock units on February 11, 2026. The disposition was carried out under a pre-established plan - an automatic sale instruction that Waheed adopted on June 1, 2024 - and the Form 4 disclosure reflects that mechanism.
Share-price context and market reaction
Ocular Therapeutix’s share price has shown pronounced short-term movement. The stock surged roughly 28% over the past week to trade at $8.96, yet it remains down about 26% year-to-date. Independent analysis from InvestingPro referenced in disclosures describes the stock as appearing undervalued at current levels, with analyst price targets spanning $18 to $34.
Clinical progress and analyst responses
The transaction comes as the company reported favorable results from its Phase 3 superiority trial for AXPAXLI in wet age-related macular degeneration. The SOL-1 trial topline showed that 74.1% of participants receiving AXPAXLI maintained vision at Week 36, compared with 55.8% of participants treated with aflibercept, which is noted as the current standard of care.
Analyst reactions to the SOL-1 topline have varied. Needham trimmed its price target to $18 from $20 while retaining a Buy rating, citing the narrower-than-expected efficacy gap driven by Eylea’s outperformance in the data. Raymond James reaffirmed a Strong Buy rating and set a $28 target, citing a regulatory environment change in which the FDA now requires only a single pivotal study with confirmatory evidence for approval - a policy the firm views as supportive of Ocular Therapeutix’s Axpaxli NDA submission plan. RBC Capital reiterated an Outperform rating with a $30 price target and noted an unchanged company outlook despite the stock’s recent decline.
What this means
The insider sale documented in the Form 4 was a routine tax-cover disposition executed under a pre-arranged instruction and is presented alongside substantive company news that continues to shape analyst views and investor positioning. The combination of an executive sale to satisfy withholding obligations, volatile near-term price action, and differing analyst price targets underscores how corporate events and clinical data are currently influencing market assessments of Ocular Therapeutix.
Note: The article presents transaction details, trial outcomes, and analyst commentary as disclosed in regulatory filings and company-reported topline data.