Wall Street Zen Downgrades Ocugen (NASDAQ:OCGN) to Sell

Ocugen (NASDAQ:OCGN) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a report released on Saturday.

A number of other research firms also recently issued reports on OCGN. Chardan Capital restated a “buy” rating and set a $7.00 price target on shares of Ocugen in a research note on Wednesday, March 25th. Oppenheimer started coverage on shares of Ocugen in a report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 price objective on the stock. Canaccord Genuity Group started coverage on shares of Ocugen in a research report on Tuesday, March 17th. They set a “buy” rating and a $12.00 target price for the company. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Finally, HC Wainwright increased their price target on shares of Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ocugen presently has a consensus rating of “Moderate Buy” and an average price target of $9.75.

Ocugen Stock Performance

OCGN stock opened at $1.79 on Friday. The company has a market cap of $586.94 million, a P/E ratio of -7.78 and a beta of 2.80. Ocugen has a 1 year low of $0.57 and a 1 year high of $2.73. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. The stock’s fifty day moving average price is $1.76 and its 200-day moving average price is $1.56.

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

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Creative Planning bought a new position in shares of Ocugen during the 2nd quarter valued at approximately $57,000. XTX Topco Ltd purchased a new position in Ocugen during the second quarter valued at approximately $203,000. Jump Financial LLC bought a new position in shares of Ocugen in the second quarter worth approximately $57,000. Gerber Kawasaki Wealth & Investment Management purchased a new stake in shares of Ocugen in the second quarter worth $67,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Ocugen in the second quarter worth $188,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

Ocugen Company Profile

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.