Ocugen, Inc. (NASDAQ:OCGN) Receives $9.50 Consensus Target Price from Brokerages

Ocugen, Inc. (NASDAQ:OCGN) has been assigned an average rating of “Moderate Buy” from the five research firms that are covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $9.50.

Several equities analysts have recently issued reports on the company. HC Wainwright boosted their price objective on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Canaccord Genuity Group reduced their price objective on Ocugen from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. Oppenheimer assumed coverage on Ocugen in a research report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price objective for the company. Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Finally, Chardan Capital restated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a research report on Wednesday, March 25th.

Ocugen Stock Performance

Shares of NASDAQ OCGN opened at $1.28 on Friday. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 4.17. The stock has a 50 day simple moving average of $1.60 and a 200-day simple moving average of $1.57. The company has a market cap of $433.31 million, a PE ratio of -5.33 and a beta of 2.19. Ocugen has a 12-month low of $0.90 and a 12-month high of $2.73.

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

Institutional Investors Weigh In On Ocugen

A number of institutional investors have recently added to or reduced their stakes in OCGN. SmartHarvest Portfolios LLC acquired a new stake in Ocugen in the fourth quarter worth approximately $31,000. CTC Alternative Strategies Ltd. acquired a new stake in Ocugen in the first quarter worth approximately $34,000. BNP Paribas Financial Markets lifted its position in Ocugen by 56.7% in the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after purchasing an additional 13,326 shares during the period. NewEdge Advisors LLC lifted its position in Ocugen by 198.0% in the second quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock worth $36,000 after purchasing an additional 24,460 shares during the period. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Ocugen in the fourth quarter worth approximately $38,000. 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.