Ocugen, Inc. (NASDAQ:OCGN) Receives $9.00 Consensus PT from Analysts

Shares of Ocugen, Inc. (NASDAQ:OCGN) have been given a consensus rating of “Moderate Buy” by the five analysts that are currently covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average twelve-month target price among brokers that have issued a report on the stock in the last year is $9.00.

Several analysts have recently commented on the stock. Chardan Capital reiterated a “buy” rating and issued a $7.00 price target on shares of Ocugen in a research report on Thursday, March 5th. Oppenheimer started coverage on Ocugen in a research report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Wall Street Zen lowered Ocugen from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Finally, Canaccord Genuity Group began coverage on Ocugen in a research report on Tuesday. They set a “buy” rating and a $12.00 price objective for the company.

Institutional Investors Weigh In On Ocugen

A number of hedge funds and other institutional investors have recently modified their holdings of OCGN. SmartHarvest Portfolios LLC purchased a new position in shares of Ocugen during the fourth quarter valued at approximately $31,000. BNP Paribas Financial Markets grew its stake in Ocugen by 56.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after acquiring an additional 13,326 shares during the period. NewEdge Advisors LLC raised its holdings in Ocugen by 198.0% in the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after acquiring an additional 24,460 shares during the last quarter. Schonfeld Strategic Advisors LLC acquired a new position in Ocugen in the 4th quarter valued at $38,000. Finally, Cora Capital Advisors LLC lifted its stake in shares of Ocugen by 27.5% during the 4th quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after purchasing an additional 6,500 shares during the period. 10.27% of the stock is currently owned by hedge funds and other institutional investors.

Ocugen Trading Down 2.2%

Shares of OCGN stock opened at $2.24 on Tuesday. The stock has a market cap of $734.50 million, a P/E ratio of -9.74 and a beta of 2.75. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 8.04. Ocugen has a fifty-two week low of $0.53 and a fifty-two week high of $2.72. The business has a fifty day simple moving average of $1.71 and a 200-day simple moving average of $1.50.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings data on Wednesday, March 4th. The company reported ($0.06) EPS for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.86 million. Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. On average, analysts forecast that Ocugen will post -0.2 earnings per share for the current fiscal year.

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.