Ocular Therapeutix (NASDAQ:OCUL) reported an insider sale by its Chief Strategy Officer, Sanjay Nayak, who disposed of 10,348 shares of common stock on February 12, 2026, according to a Form 4 submitted to the Securities and Exchange Commission. The filing records a weighted average sale price of $9.04 per share, producing gross proceeds of $93,545. Transaction prices ranged from $8.9950 to $9.0873.
Following the sale, Nayak retains direct ownership of 332,412 shares of Ocular Therapeutix. The Form 4 specifies that the disposition was made to satisfy tax withholding obligations associated with the vesting of restricted stock units.
The insider transaction coincides with pronounced share price weakness. Since the February 12 trade, OCUL shares have fallen to $6.99, a drop of 23% over the past week. InvestingPro data cited in company filings indicates the stock is currently trading below its Fair Value estimate.
Financial position and analyst outlook
Ocular Therapeutix's publicly stated balance-sheet metrics show more cash than debt and a current ratio of 15.39, a liquidity profile highlighted in recent reports. The company remains unprofitable on a trailing twelve-month basis, with an EPS of -$1.42.
Analysts covering the stock continue to express optimism despite the pullback in the share price. The consensus rating is reported as strong buy, with price targets ranging from $20 to $34 per share. RBC Capital, specifically, has reiterated an Outperform rating and maintained a $30.00 price target while noting the shares have declined year-to-date.
Clinical and leadership developments
On the clinical front, Ocular Therapeutix disclosed that its investigational therapy for wet age-related macular degeneration, AXPAXLI, met the primary endpoint in a Phase 3 trial. Trial results showed that 74.1% of patients maintained vision at Week 36, compared with a 55.8% maintenance rate for aflibercept, the current standard of care. The company described the difference as a statistically significant improvement in vision maintenance for patients.
Corporate leadership changes were also announced alongside the clinical update. Chief Financial Officer and Chief Operating Officer Donald Notman has taken a temporary medical leave, with Jason Robins appointed as interim CFO. The company also named David W. Robinson as Global Chief Commercial Officer to prepare for a potential AXPAXLI launch; Robinson's background includes a pivotal role in the launch of EYLEA at Regeneron Pharmaceuticals. Ocular Therapeutix said these developments accompany an advancing New Drug Application timeline for AXPAXLI.
Research coverage and resources
InvestingPro notes that it provides a comprehensive research report on Ocular Therapeutix, which is one of more than 1,400 U.S. equities covered with in-depth analysis and actionable insights. The InvestingPro summary referenced in filings reiterates that the stock is trading below its Fair Value.
The Form 4 filing and the company announcements together provide a snapshot of insider liquidity needs, clinical progress, analyst expectations and near-term executive transitions. The sale by Nayak was narrowly described as tax-driven in the filing; the broader corporate developments remain focused on the clinical success of AXPAXLI and preparation for possible commercialization.