H.C. Wainwright analyst Yi Chen downgraded Ocular Therapeutix to Neutral from Buy without a price target. The analyst cites valuation and “near-term market uncertainty” for the downgrade. Dextenza could obtain approval in allergic conjunctivitis in October 2021 and the drug may be used primarily to treat 10%-15% of the AC patients that are not adequately controlled with current therapy, Chen tells investors in a research note. However, since Ocular’s common stock has been trading at over $22 per share in recent days, the potential approval in AC has already been priced in, says the analyst. In addition, the “unrelenting resurgence” of COVID-19 and the limited proportion of the population vaccinated with vaccines thus far in the U.S. may curb the growth of Dextenza sales in 2021, Chen contends.