Sam Boughedda 

Investing.com — The shares of Ocular Therapeutix Inc After the failed Phase 2 clinical trial for OTX-CSI, which treats dry eyes disease, (NASDAQ:), tumbled more than 34% on Friday

Ocular Therapeutix shares trade at $7.09, their lowest price in more than a year. 

Massachusetts-based company stated that the trial didn’t meet its primary goal of increased tears production after 12 weeks, as determined by Schirmer’s Test. 

The Phase 2 U.S.-based clinical trials of OTX CSI were designed to evaluate the safety, tolerance, durability and efficacy two formulations. This was done by measuring dry eye symptoms in 140 patients treated over 16 weeks.

Antony Mattessich (CEO of Ocular Therapeutix) stated that while we were disappointed with these results, the clinical benefits in dry eyes patients remains an unmet need. He said, “We will continue reviewing the data for additional information that might inform future development and design of this program.”

“We continue to be confident in the power of our hydrogel formulation technology, and its potential for delivering innovative ophthalmology therapy,” he said. 

Yi Chen, an analyst at H.C. Wainwright, recently raised Ocular Therapeutix’s price target from $17 to $18, based on a Buy Rating after Dextenza was approved by the FDA to relieve ocular itching.