Chardan Capital Reaffirms Buy Rating for Ocugen (NASDAQ:OCGN)

Ocugen (NASDAQ:OCGN)‘s stock had its “buy” rating restated by investment analysts at Chardan Capital in a report issued on Friday,Benzinga reports. They presently have a $7.00 target price on the stock. Chardan Capital’s price target would indicate a potential upside of 422.39% from the company’s previous close.

Separately, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of Ocugen in a research report on Tuesday, June 24th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $6.00.

Ocugen Stock Down 4.3%

Shares of NASDAQ:OCGN opened at $1.34 on Friday. The stock has a fifty day simple moving average of $1.06 and a two-hundred day simple moving average of $0.89. The stock has a market capitalization of $391.68 million, a price-to-earnings ratio of -6.70 and a beta of 4.15. Ocugen has a 12-month low of $0.52 and a 12-month high of $1.48. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 9.18.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings results on Friday, August 1st. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.01. Ocugen had a negative return on equity of 255.25% and a negative net margin of 1,197.71%.The firm had revenue of $1.37 million during the quarter, compared to the consensus estimate of $0.35 million. On average, research analysts anticipate that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. GMT Capital Corp boosted its stake in shares of Ocugen by 69.2% during the 1st quarter. GMT Capital Corp now owns 4,153,798 shares of the company’s stock worth $2,934,000 after acquiring an additional 1,698,840 shares during the last quarter. Nuveen LLC bought a new position in Ocugen in the 1st quarter worth $535,000. Brevan Howard Capital Management LP bought a new position in Ocugen in the 2nd quarter worth $499,000. GSA Capital Partners LLP raised its holdings in Ocugen by 43.0% in the 1st quarter. GSA Capital Partners LLP now owns 1,638,033 shares of the company’s stock worth $1,157,000 after purchasing an additional 492,300 shares during the period. Finally, Jane Street Group LLC increased its position in Ocugen by 258.8% in the fourth quarter. Jane Street Group LLC now owns 496,177 shares of the company’s stock worth $399,000 after buying an additional 357,891 shares in the last quarter. Hedge funds and other institutional investors own 10.27% of the company’s stock.

Ocugen Company Profile

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients’ health. 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, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.