Ocugen (NASDAQ:OCGN) Downgraded by Wall Street Zen to Sell

Wall Street Zen cut shares of Ocugen (NASDAQ:OCGN) from a hold rating to a sell rating in a report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Ocugen presently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Ocugen Price Performance

Shares of OCGN opened at $0.74 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17. The stock has a market cap of $250.84 million, a P/E ratio of -2.85 and a beta of 2.27. The stock’s 50-day moving average price is $1.10 and its two-hundred day moving average price is $1.32. Ocugen has a 1 year low of $0.73 and a 1 year high of $2.73.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $1.49 million for the quarter, compared to analyst estimates of $0.89 million. On average, equities analysts predict that Ocugen will post -0.25 earnings per share for the current year.

Insider Transactions at Ocugen

In other Ocugen news, CEO Shankar Musunuri sold 57,264 shares of the firm’s stock in a transaction that occurred on Friday, October 9th. The shares were sold at an average price of $0.95, for a total transaction of $54,400.80. Following the sale, the chief executive officer directly owned 1,030,771 shares in the company, valued at approximately $979,232.45. This trade represents a 5.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 1,051,982 shares of company stock worth $1,088,801. 3.95% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Ocugen

Several large investors have recently made changes to their positions in the stock. Engineers Gate Manager LP raised its holdings in shares of Ocugen by 70.2% in the second quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock valued at $28,000 after purchasing an additional 7,577 shares during the last quarter. NewEdge Advisors LLC raised its holdings in Ocugen by 42.4% in the 2nd quarter. NewEdge Advisors LLC now owns 237,180 shares of the company’s stock valued at $363,000 after acquiring an additional 70,585 shares during the period. AXQ Capital LP acquired a new position in Ocugen in the 2nd quarter valued at $65,000. Headlands Technologies LLC increased its holdings in shares of Ocugen by 527.1% during the second quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock worth $783,000 after purchasing an additional 429,997 shares during the period. Finally, Two Sigma Securities LLC grew its stake in Ocugen by 116.9% during the second quarter. Two Sigma Securities LLC now owns 156,027 shares of the company’s stock worth $239,000 after buying an additional 84,100 shares in the last quarter. Institutional investors own 10.27% of the company’s stock.

Ocugen Company Profile

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and vaccines for infectious diseases. The company’s programs are designed to address serious conditions with limited treatment options, including inherited retinal diseases and diseases affecting the central retina.

Ocugen’s pipeline includes modifier gene therapy candidates intended to treat multiple retinal disorders with a single therapeutic approach. Its lead programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease.