Wall Street Zen Upgrades Ocugen (NASDAQ:OCGN) to “Hold”

Ocugen (NASDAQ:OCGN) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a report issued on Saturday.

Other equities research analysts also recently issued research reports about the stock. Canaccord Genuity Group initiated coverage on shares of Ocugen in a research report on Tuesday, March 17th. They issued a “buy” rating and a $12.00 target price for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a research report on Wednesday, March 25th. HC Wainwright increased their target price on shares of Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Finally, Oppenheimer initiated coverage on shares of Ocugen in a research report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 target price for the company. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Ocugen presently has an average rating of “Moderate Buy” and an average target price of $9.75.

Ocugen Price Performance

Shares of NASDAQ:OCGN opened at $1.39 on Friday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.86 and a current ratio of 1.86. The company has a market cap of $470.54 million, a PE ratio of -5.79 and a beta of 2.30. Ocugen has a 52 week low of $0.68 and a 52 week high of $2.73. The firm has a 50 day simple moving average of $1.82 and a 200 day simple moving average of $1.58.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings results on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 127,987.80%. The firm had revenue of $1.53 million during the quarter, compared to analysts’ expectations of $0.42 million. As a group, research analysts expect that Ocugen will post -0.22 earnings per share for the current year.

Institutional Trading of Ocugen

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in shares of Ocugen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock worth $24,814,000 after acquiring an additional 450,904 shares during the period. Millennium Management LLC lifted its holdings in shares of Ocugen by 29.7% during the 4th quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock worth $7,285,000 after acquiring an additional 1,234,268 shares during the period. UBS Group AG lifted its holdings in Ocugen by 373.2% during the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock valued at $6,547,000 after purchasing an additional 3,824,474 shares during the last quarter. State Street Corp lifted its holdings in Ocugen by 193.6% during the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,623,361 shares during the last quarter. Finally, Geode Capital Management LLC lifted its holdings in Ocugen by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock valued at $5,159,000 after purchasing an additional 142,050 shares during the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.

About Ocugen

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.