Why Ocular Therapeutix Skyrocketed 19.3% Today

A public share offering that's closing today and will add $45 million, before fees, to its balance sheet is sending shares of Ocular Therapeutix (NASDAQ: OCUL) soaring 19.3% at 3:47 p.m. EST on Friday.

The healthcare company's offering includes approximately 8.2 million shares at a price of $5.50 per share, with an additional 1.23 million shares available for broker over allotments. The $45 million, gross of underwriting expenses, will significantly improve Ocular Therapeutix cash runway, particularly since demand for its lead drug, Dextenza, has declined sharply because of eye surgery delays caused by the COVID-19 pandemic.

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Source Fool.com