Ocugen, Inc. (NASDAQ:OCGN) Given Average Recommendation of “Moderate Buy” by Analysts

Shares of Ocugen, Inc. (NASDAQ:OCGN) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are presently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $9.00.

Several equities analysts recently commented on OCGN shares. Canaccord Genuity Group started coverage on Ocugen in a research note on Tuesday. They issued a “buy” rating and a $12.00 price objective on the stock. Oppenheimer began coverage on Ocugen in a research note on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 target price on the stock. Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a report on Thursday, March 5th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd.

Ocugen Stock Performance

NASDAQ OCGN traded up $0.22 during trading hours on Tuesday, reaching $2.55. 4,067,739 shares of the company were exchanged, compared to its average volume of 6,963,811. The stock has a market capitalization of $834.51 million, a P/E ratio of -11.07 and a beta of 2.75. 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 1 year low of $0.51 and a 1 year high of $2.67. The business’s 50 day simple moving average is $1.67 and its 200-day simple moving average is $1.48.

Ocugen (NASDAQ:OCGN) last released its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $0.86 million. On average, equities research analysts expect that Ocugen will post -0.2 earnings per share for the current year.

Institutional Trading of Ocugen

Several hedge funds and other institutional investors have recently modified their holdings of OCGN. Vanguard Group Inc. lifted its stake in shares of Ocugen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock valued at $24,814,000 after buying an additional 450,904 shares in the last quarter. Millennium Management LLC raised its holdings in Ocugen by 29.7% during the 4th quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock valued at $7,285,000 after acquiring an additional 1,234,268 shares during the period. UBS Group AG raised its holdings in Ocugen by 373.2% during the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock valued at $6,547,000 after acquiring an additional 3,824,474 shares during the period. State Street Corp lifted its position in shares of Ocugen by 193.6% during the fourth quarter. State Street Corp now owns 3,978,738 shares of the company’s stock worth $5,371,000 after acquiring an additional 2,623,361 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in shares of Ocugen by 3.9% during the fourth quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock worth $5,159,000 after acquiring an additional 142,050 shares in the last quarter. Institutional investors 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.