Ocugen’s (OCGN) Buy Rating Reiterated at Chardan Capital

Chardan Capital reiterated their buy rating on shares of Ocugen (NASDAQ:OCGN) in a research note issued to investors on Thursday morning,Benzinga reports. Chardan Capital currently has a $7.00 price target on the stock.

Separately, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Ocugen has a consensus rating of “Hold” and an average target price of $7.00.

Ocugen Trading Down 7.5%

Shares of OCGN opened at $1.61 on Thursday. The stock’s fifty day simple moving average is $1.58 and its 200-day simple moving average is $1.43. The firm has a market capitalization of $527.92 million, a PE ratio of -7.00 and a beta of 2.75. Ocugen has a 12-month low of $0.52 and a 12-month high of $2.00. The company has a quick ratio of 1.85, a current ratio of 1.06 and a debt-to-equity ratio of 8.04.

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

Hedge Funds Weigh In On Ocugen

Several hedge funds have recently added to or reduced their stakes in OCGN. Cora Capital Advisors LLC boosted its holdings in Ocugen by 27.5% during the fourth quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after buying an additional 6,500 shares during the last quarter. Jain Global LLC raised its position in shares of Ocugen by 7.2% in the 4th quarter. Jain Global LLC now owns 114,690 shares of the company’s stock valued at $155,000 after acquiring an additional 7,686 shares during the period. Lanham O Dell & Company Inc. boosted its stake in Ocugen by 7.7% during the 3rd quarter. Lanham O Dell & Company Inc. now owns 140,000 shares of the company’s stock worth $228,000 after acquiring an additional 10,000 shares during the last quarter. Procyon Advisors LLC grew its holdings in Ocugen by 5.5% during the third quarter. Procyon Advisors LLC now owns 211,100 shares of the company’s stock valued at $344,000 after purchasing an additional 11,000 shares during the period. Finally, BNP Paribas Financial Markets grew its holdings in Ocugen by 56.7% during the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock valued at $36,000 after purchasing an additional 13,326 shares during the period. 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.