Ocugen (NASDAQ:OCGN) Given “Buy” Rating at HC Wainwright

HC Wainwright reissued their buy rating on shares of Ocugen (NASDAQ:OCGN) in a report issued on Thursday morning,Benzinga reports. HC Wainwright currently has a $8.00 target price on the stock.

Separately, Chardan Capital reaffirmed a “buy” rating and issued a $6.00 target price on shares of Ocugen in a research report on Thursday, February 13th.

Ocugen Stock Performance

OCGN opened at $0.63 on Thursday. The business’s 50-day moving average price is $0.73 and its two-hundred day moving average price is $0.91. Ocugen has a 1 year low of $0.55 and a 1 year high of $2.11. The company has a market capitalization of $183.71 million, a price-to-earnings ratio of -3.50 and a beta of 3.88. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.58 and a quick ratio of 2.58.

Ocugen (NASDAQ:OCGN) last released its earnings results on Wednesday, March 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.05). The business had revenue of $0.76 million for the quarter, compared to the consensus estimate of $0.30 million. Ocugen had a negative return on equity of 154.75% and a negative net margin of 532.51%. During the same quarter in the previous year, the business earned ($0.03) earnings per share. Equities analysts expect that Ocugen will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Ocugen

A number of hedge funds and other institutional investors have recently bought and sold shares of OCGN. GSA Capital Partners LLP bought a new position in Ocugen during the third quarter worth about $203,000. Intech Investment Management LLC bought a new position in Ocugen during the third quarter worth about $93,000. MetLife Investment Management LLC grew its holdings in Ocugen by 36.4% during the third quarter. MetLife Investment Management LLC now owns 89,508 shares of the company’s stock worth $89,000 after purchasing an additional 23,877 shares during the period. State Street Corp grew its holdings in Ocugen by 7.1% during the third quarter. State Street Corp now owns 15,824,517 shares of the company’s stock worth $15,701,000 after purchasing an additional 1,047,896 shares during the period. Finally, Wellington Management Group LLP bought a new position in Ocugen during the third quarter worth about $456,000. Institutional investors own 10.27% of the company’s stock.

About Ocugen

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients’ health. The company’s pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.