Ocugen (NASDAQ:OCGN) Now Covered by Canaccord Genuity Group

Canaccord Genuity Group started coverage on shares of Ocugen (NASDAQ:OCGN) in a research note issued to investors on Tuesday morning, MarketBeat.com reports. The firm issued a buy rating and a $12.00 price target on the stock.

OCGN has been the topic of several other research reports. Wall Street Zen lowered Ocugen from a “hold” rating to a “sell” rating in a research note on Saturday, March 7th. Oppenheimer assumed coverage on Ocugen in a report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price objective for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Finally, Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Ocugen in a research report on Thursday, March 5th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.00.

Ocugen Stock Performance

Shares of OCGN opened at $2.45 on Tuesday. 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 52-week low of $0.51 and a 52-week high of $2.73. The company has a 50-day simple moving average of $1.69 and a 200-day simple moving average of $1.49. The company has a market capitalization of $803.35 million, a PE ratio of -10.65 and a beta of 2.75.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings data on Wednesday, March 4th. The company reported ($0.06) 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 firm had revenue of ($0.19) million for the quarter, compared to the consensus estimate of $0.86 million. Equities research analysts predict that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Ocugen

Several large investors have recently modified their holdings of OCGN. Catalyst Funds Management Pty Ltd acquired a new position in shares of Ocugen during the 2nd quarter worth approximately $130,000. XTX Topco Ltd acquired a new stake in Ocugen during the 2nd quarter valued at $203,000. NewEdge Advisors LLC increased its position in Ocugen by 69.0% during the fourth quarter. NewEdge Advisors LLC now owns 135,460 shares of the company’s stock worth $183,000 after buying an additional 55,305 shares in the last quarter. Jain Global LLC increased its position in Ocugen by 7.2% during the fourth quarter. Jain Global LLC now owns 114,690 shares of the company’s stock worth $155,000 after buying an additional 7,686 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new position in shares of Ocugen in the third quarter worth $119,000. 10.27% of the stock is currently owned by institutional investors and hedge funds.

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.