Ocugen (NASDAQ:OCGN) Earns Buy Rating from Analysts at Canaccord Genuity Group

Canaccord Genuity Group initiated coverage on shares of Ocugen (NASDAQ:OCGN) in a report released on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $12.00 target price on the stock.

Other equities research analysts have also recently issued reports about the company. Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Chardan Capital reissued a “buy” rating and set a $7.00 price target on shares of Ocugen in a research report on Thursday, March 5th. Finally, Oppenheimer began coverage on shares of Ocugen in a report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 price target on the stock. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.00.

Ocugen Stock Performance

Shares of OCGN stock opened at $2.24 on Tuesday. The firm has a market cap of $734.50 million, a price-to-earnings ratio of -9.74 and a beta of 2.75. Ocugen has a 52-week low of $0.53 and a 52-week high of $2.72. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 8.04. The company’s 50 day moving average is $1.71 and its 200 day moving average is $1.50.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%.The business had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.86 million. On average, sell-side analysts anticipate that Ocugen will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Catalyst Funds Management Pty Ltd purchased a new stake in shares of Ocugen during the second quarter worth about $130,000. SmartHarvest Portfolios LLC purchased a new position in shares of Ocugen in the 4th quarter valued at approximately $31,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Ocugen in the 4th quarter valued at approximately $289,000. UBS Group AG boosted its stake in Ocugen by 373.2% in the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock worth $6,547,000 after purchasing an additional 3,824,474 shares in the last quarter. Finally, Cora Capital Advisors LLC boosted its stake in Ocugen by 27.5% in the 4th quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after purchasing an additional 6,500 shares in the last quarter. 10.27% of the stock is owned by institutional investors and hedge funds.

Ocugen Company Profile

Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.

In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.