Nadia Waheed, who serves as Chief Medical Officer at Ocular Therapeutix, INC (NASDAQ:OCUL), executed a sale of 7,863 shares of common stock on February 12, 2026, generating approximately $71,081. The sale price per share ranged between $8.9950 and $9.0840, according to a Form 4 filed with the Securities and Exchange Commission.
The filing states the disposition was undertaken to satisfy tax withholding obligations associated with the vesting of restricted stock units. After the reported sale, Waheed is recorded as directly owning 318,417 shares of Ocular Therapeutix.
Separately, the company has reported favorable clinical results for its investigational ophthalmology product, AXPAXLI. In its SOL-1 Phase 3 superiority trial for wet age-related macular degeneration, 74.1% of patients treated with AXPAXLI maintained vision at Week 36, compared with 55.8% of patients treated with aflibercept. The difference was reported as statistically significant, a point the company has emphasized in positioning AXPAXLI as a potential superior treatment option.
Market analysts have taken note: RBC Capital maintained an Outperform rating on Ocular Therapeutix and kept a $30.00 price target, even as the company’s shares have fallen 28% year-to-date. The juxtaposition of positive clinical data and a recent share price decline is a notable element for investors tracking the equity.
In addition to clinical and market developments, Ocular Therapeutix has adjusted parts of its leadership team. Jason Robins has been appointed interim Chief Financial Officer during the medical leave of Donald Notman. The company also named David W. Robinson as Global Chief Commercial Officer. Management described Robinson’s hire as timely, coinciding with ongoing work on the New Drug Application for AXPAXLI.
Taken together, the insider sale to cover tax withholding, the Phase 3 trial outcome, the analyst stance, and the executive appointments paint a picture of a company balancing near-term corporate housekeeping with strategic steps aimed at advancing a product candidate through regulatory review and eventual commercialization.
Clear summary
Nadia Waheed sold 7,863 Ocular Therapeutix shares on February 12, 2026 for about $71,081 to cover taxes from vested restricted stock units and now holds 318,417 shares. The company announced statistically significant Phase 3 SOL-1 results for AXPAXLI in wet age-related macular degeneration, saw RBC Capital reaffirm an Outperform rating with a $30.00 target despite a 28% year-to-date stock decline, and made interim and commercial leadership appointments while progressing an NDA for AXPAXLI.
Key points
- The insider sale was executed to satisfy tax withholding obligations related to vested restricted stock units.
- AXPAXLI demonstrated a statistically significant advantage in the SOL-1 Phase 3 trial: 74.1% maintained vision at Week 36 versus 55.8% for aflibercept.
- RBC Capital reiterated an Outperform rating with a $30.00 price target while the stock has declined 28% year-to-date; leadership changes include an interim CFO and a new Global Chief Commercial Officer as the company advances its NDA.
Risks and uncertainties
- Insider transactions, even when linked to tax obligations, can be interpreted variably by market participants; this affects investor perception in the biotechnology and health-care sectors.
- Regulatory progression of AXPAXLI remains a work in progress; while SOL-1 results were positive, advancement through the New Drug Application process introduces regulatory risk for the biotechnology and pharmaceutical markets.
- Equity volatility is evident given the 28% year-to-date share decline referenced alongside the analyst rating, underscoring market uncertainty for Ocular Therapeutix stock and similar small-cap biotech equities.