Ocugen (NASDAQ:OCGN) Lowered to “Sell” Rating by Wall Street Zen

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

Several other analysts have also weighed in on OCGN. Chardan Capital reaffirmed a “buy” rating and set a $7.00 price objective on shares of Ocugen in a report on Thursday. Weiss Ratings reissued a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Two analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.00.

Ocugen Stock Down 7.5%

Shares of NASDAQ:OCGN opened at $1.61 on Friday. The company’s fifty day moving average is $1.58 and its 200-day moving average is $1.42. The company has a debt-to-equity ratio of 8.04, a quick ratio of 1.85 and a current ratio of 1.06. Ocugen has a 52 week low of $0.52 and a 52 week high of $2.00. The company has a market capitalization of $527.92 million, a PE ratio of -7.00 and a beta of 2.75.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. The business had revenue of ($0.19) million during the quarter, compared to analysts’ expectations of $0.86 million. Equities research analysts predict that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of OCGN. Vanguard Group Inc. increased its stake in Ocugen by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock valued at $24,814,000 after purchasing an additional 450,904 shares in the last quarter. Millennium Management LLC boosted its position in shares of Ocugen by 29.7% during the fourth quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock worth $7,285,000 after purchasing an additional 1,234,268 shares in the last quarter. UBS Group AG grew its holdings in shares of Ocugen by 373.2% in the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock valued at $6,547,000 after buying an additional 3,824,474 shares during the period. State Street Corp grew its holdings in shares of Ocugen by 193.6% in the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after buying an additional 2,623,361 shares during the period. Finally, Geode Capital Management LLC increased its position in shares of Ocugen by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock valued at $5,159,000 after buying an additional 142,050 shares in the last quarter. Institutional investors and hedge funds own 10.27% of the company’s stock.

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.