Ocugen (NASDAQ:OCGN) Downgraded by Zacks Investment Research to Strong Sell

Ocugen (NASDAQ:OCGNGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued on Wednesday, Zacks.com reports.

According to Zacks, “Ocugen Inc. is a clinical stage biopharmaceutical company. It is focused on discovering, developing and commercializing therapies which address rare and underserved eye diseases. The company’s product pipeline consists of OCU400, OCU300, OCU100 and OCU200 which are in clinical stage. Ocugen Inc., formerly known as Histogenics Cp, is based in Malvern, Pennsylvania. “

A number of other brokerages have also weighed in on OCGN. Chardan Capital decreased their price objective on shares of Ocugen from $4.00 to $3.50 and set a “neutral” rating for the company in a report on Monday. HC Wainwright reduced their target price on Ocugen from $10.00 to $8.00 and set a “buy” rating for the company in a report on Monday, February 28th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Ocugen currently has an average rating of “Hold” and an average target price of $7.67.

Ocugen stock opened at $2.13 on Wednesday. Ocugen has a 12 month low of $1.94 and a 12 month high of $17.65. The company has a market capitalization of $459.36 million, a price-to-earnings ratio of -6.26 and a beta of 4.59. The business’s fifty day simple moving average is $2.85 and its two-hundred day simple moving average is $4.69. The company has a current ratio of 14.66, a quick ratio of 14.66 and a debt-to-equity ratio of 0.02.

Ocugen (NASDAQ:OCGNGet Rating) last released its quarterly earnings data on Friday, May 6th. The company reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.14). On average, equities research analysts predict that Ocugen will post 0.01 EPS for the current year.

In other Ocugen news, CEO Shankar Musunuri sold 81,823 shares of Ocugen stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $2.65, for a total value of $216,830.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.65% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Royal Bank of Canada increased its position in Ocugen by 1,472.4% during the second quarter. Royal Bank of Canada now owns 13,821 shares of the company’s stock valued at $111,000 after acquiring an additional 12,942 shares during the last quarter. Morgan Stanley grew its stake in shares of Ocugen by 2,375.6% during the 2nd quarter. Morgan Stanley now owns 589,070 shares of the company’s stock valued at $4,730,000 after purchasing an additional 565,275 shares during the period. SG Americas Securities LLC purchased a new stake in shares of Ocugen during the 3rd quarter valued at about $505,000. Victory Capital Management Inc. lifted its stake in shares of Ocugen by 54.9% in the 3rd quarter. Victory Capital Management Inc. now owns 85,892 shares of the company’s stock worth $617,000 after purchasing an additional 30,426 shares during the period. Finally, Cambridge Investment Research Advisors Inc. purchased a new position in shares of Ocugen in the third quarter worth approximately $119,000. 39.70% of the stock is owned by institutional investors.

About Ocugen (Get Rating)

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fusion protein that is in preclinical development stage for the treatment of diabetic macular edema, diabetic retinopathy, and wet AMD.

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