HC Wainwright Forecasts Strong Price Appreciation for Ocugen (NASDAQ:OCGN) Stock

Ocugen (NASDAQ:OCGN) had its price target upped by investment analysts at HC Wainwright from $7.00 to $10.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. HC Wainwright’s price objective points to a potential upside of 410.20% from the company’s previous close.

A number of other equities research analysts also recently issued reports on OCGN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Canaccord Genuity Group started coverage on shares of Ocugen in a research note on Tuesday, March 17th. They issued a “buy” rating and a $12.00 price objective for the company. Wall Street Zen upgraded shares of Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. Chardan Capital restated a “buy” rating and set a $7.00 target price on shares of Ocugen in a research report on Thursday, March 5th. Finally, Oppenheimer started coverage on shares of Ocugen in a report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 price target for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $9.75.

Ocugen Stock Performance

NASDAQ OCGN opened at $1.96 on Wednesday. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. Ocugen has a 1-year low of $0.57 and a 1-year high of $2.73. The business has a 50 day simple moving average of $1.74 and a two-hundred day simple moving average of $1.53. The stock has a market capitalization of $642.68 million, a PE ratio of -8.52 and a beta of 2.75.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. SmartHarvest Portfolios LLC purchased a new stake in shares of Ocugen in the fourth quarter valued at $31,000. BNP Paribas Financial Markets boosted its stake in shares of Ocugen by 56.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after purchasing an additional 13,326 shares during the period. NewEdge Advisors LLC grew its holdings in Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after purchasing an additional 24,460 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new position in Ocugen during the 4th quarter valued at about $38,000. Finally, Cora Capital Advisors LLC raised its position in Ocugen by 27.5% in 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. Institutional investors own 10.27% of the company’s stock.

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.