Ocular Therapeutix Inc OCUL shares are trading higher by $0.83 (11 percent) at $7.70 in Monday's session. The catalyst for the rally is positive topline results from a Phase 3 clinical trial of Dextenza that met primary endpoints for inflammation and pain primary efficacy.
Last week, the issue got a lift from the Trump victory along with several other stocks in the biotech sector, rallying from $5.22 to $6.87.
Following a much higher open, it rallied to $7.68 before some profit taking quickly the issue to $7.07, which was just above the upper-end of Friday's range ($6.90). The sharp rebound off the low allowed the issue to make a new high at $7.82 and has not backed from that level.
If the rally continues, there may additional resistance at the pair of highs in the $8 handle from August 15 ($8.23) and October 13 ($8.24).
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