Ocugen (NASDAQ:OCGN) Stock Price Expected to Rise, Chardan Capital Analyst Says

Ocugen (NASDAQ:OCGN) had its price objective raised by Chardan Capital from $6.00 to $7.00 in a research report report published on Thursday,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright reissued a “buy” rating and issued a $8.00 target price on shares of Ocugen in a report on Thursday.

Ocugen Trading Up 10.0 %

Shares of OCGN opened at $0.63 on Thursday. Ocugen has a 1 year low of $0.55 and a 1 year high of $2.11. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $0.73 and a 200-day simple moving average of $0.91. The stock has a market cap of $183.71 million, a PE ratio of -3.50 and a beta of 3.88.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Wednesday, March 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.05). Ocugen had a negative return on equity of 154.75% and a negative net margin of 532.51%. The business had revenue of $0.76 million during the quarter, compared to analysts’ expectations of $0.30 million. During the same period in the prior year, the firm posted ($0.03) EPS. On average, sell-side analysts predict that Ocugen will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Ocugen

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. State Street Corp increased its holdings in Ocugen by 7.1% during the 3rd quarter. State Street Corp now owns 15,824,517 shares of the company’s stock valued at $15,701,000 after purchasing an additional 1,047,896 shares in the last quarter. Geode Capital Management LLC increased its holdings in Ocugen by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company’s stock valued at $5,305,000 after purchasing an additional 309,853 shares in the last quarter. Northern Trust Corp increased its holdings in Ocugen by 10.4% during the 4th quarter. Northern Trust Corp now owns 2,407,137 shares of the company’s stock valued at $1,938,000 after purchasing an additional 227,150 shares in the last quarter. Renaissance Technologies LLC bought a new position in Ocugen in the 4th quarter valued at $1,681,000. Finally, Charles Schwab Investment Management Inc. boosted its position in Ocugen by 12.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 860,244 shares of the company’s stock valued at $692,000 after buying an additional 93,288 shares during the last quarter. 10.27% of the stock is owned by institutional investors and hedge funds.

Ocugen Company Profile

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.