Ocular Therapeutix's stock experienced a significant pre-market plunge of 22.31% on Tuesday, following the release of late-stage clinical trial data for its experimental eye disease drug, Axpaxli.

The company reported positive results from its SOL-1 Phase 3 superiority trial in wet age-related macular degeneration (AMD), showing that Axpaxli was more effective than Regeneron's approved treatment Eylea. Approximately 74% of patients receiving Axpaxli maintained their vision at 36 weeks, compared to nearly 56% for those on Eylea. The drug also demonstrated better fluid control in the eye and was well-tolerated with no treatment-related ocular serious adverse events.

Despite these encouraging clinical results, the stock sold off sharply in pre-market trading. This reaction may reflect a "sell the news" event where investors took profits after the positive data was released, particularly given the stock's strong performance in 2025 with gains of nearly 39%. The company plans to submit a New Drug Application to the FDA based on the SOL-1 trial data.