Brokerages Set Ocugen, Inc. (NASDAQ:OCGN) Price Target at $9.50

Ocugen, Inc. (NASDAQ:OCGN) has been given an average rating of “Moderate Buy” by the five research firms that are covering the company, MarketBeat.com reports. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average twelve-month target price among analysts that have covered the stock in the last year is $9.50.

OCGN has been the subject of several recent research reports. Weiss Ratings downgraded Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 23rd. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research note on Wednesday, March 25th. Wall Street Zen upgraded shares of Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. HC Wainwright upped their price objective 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. Finally, Canaccord Genuity Group reduced their target price on shares of Ocugen from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th.

Ocugen Stock Performance

NASDAQ OCGN opened at $1.29 on Monday. The firm has a market cap of $436.69 million, a P/E ratio of -5.38 and a beta of 2.18. Ocugen has a 52-week low of $0.93 and a 52-week high of $2.73. The business’s 50-day moving average price is $1.37 and its 200 day moving average price is $1.59. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 4.17.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $1.53 million during the quarter, compared to the consensus estimate of $0.42 million. On average, equities research analysts expect that Ocugen will post -0.22 earnings per share for the current year.

Insider Activity

In other news, CFO Treerita Essali Johnson-Greene purchased 21,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $1.23 per share, with a total value of $25,830.00. Following the completion of the acquisition, the chief financial officer directly owned 521,000 shares of the company’s stock, valued at approximately $640,830. This trade represents a 4.20% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 3.95% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Ocugen

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCGN. Hennion & Walsh Asset Management Inc. raised its stake in shares of Ocugen by 121.7% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock worth $4,331,000 after buying an additional 1,553,672 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in shares of Ocugen by 23.0% in the 1st quarter. NewEdge Advisors LLC now owns 166,595 shares of the company’s stock valued at $302,000 after buying an additional 31,135 shares during the period. CTC Alternative Strategies Ltd. purchased a new stake in shares of Ocugen in the first quarter valued at approximately $34,000. Bank of America Corp DE boosted its stake in shares of Ocugen by 1,090.0% in the first quarter. Bank of America Corp DE now owns 1,174,180 shares of the company’s stock valued at $2,125,000 after buying an additional 1,075,508 shares in the last quarter. Finally, SummitTX Capital L.P. acquired a new position in Ocugen during the first quarter worth $76,000. 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.