Ocugen (NASDAQ:OCGN) Cut to “Sell” at Wall Street Zen

Wall Street Zen cut shares of Ocugen (NASDAQ:OCGN) from a hold rating to a sell rating in a research note published on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings upgraded Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $9.50.

Ocugen Trading Down 4.0%

OCGN opened at $0.71 on Friday. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 4.17. Ocugen has a 52 week low of $0.70 and a 52 week high of $2.73. The business’s 50 day moving average is $1.10 and its two-hundred day moving average is $1.45.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Thursday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $1.49 million for the quarter, compared to analyst estimates of $0.89 million. Analysts predict that Ocugen will post -0.25 earnings per share for the current fiscal year.

Insider Activity

In other Ocugen news, CEO Shankar Musunuri sold 57,264 shares of the company’s stock in a transaction dated Friday, October 9th. The shares were sold at an average price of $0.95, for a total value of $54,400.80. Following the transaction, the chief executive officer directly owned 1,030,771 shares in the company, valued at approximately $979,232.45. This represents a 5.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,051,982 shares of company stock valued at $1,088,801 in the last quarter. 3.95% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ocugen

Hedge funds have recently modified their holdings of the stock. Engineers Gate Manager LP grew its position in Ocugen by 70.2% during the second quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock valued at $28,000 after acquiring an additional 7,577 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Ocugen by 42.4% in the 2nd quarter. NewEdge Advisors LLC now owns 237,180 shares of the company’s stock valued at $363,000 after purchasing an additional 70,585 shares in the last quarter. AXQ Capital LP acquired a new position in shares of Ocugen in the 2nd quarter valued at about $65,000. Headlands Technologies LLC grew its holdings in shares of Ocugen by 527.1% during the 2nd quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock worth $783,000 after purchasing an additional 429,997 shares during the period. Finally, Two Sigma Securities LLC grew its holdings in shares of Ocugen by 116.9% during the 2nd quarter. Two Sigma Securities LLC now owns 156,027 shares of the company’s stock worth $239,000 after purchasing an additional 84,100 shares during the period. 10.27% of the stock is owned by institutional investors and hedge funds.

Ocugen Company Profile

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and vaccines for infectious diseases. The company’s programs are designed to address serious conditions with limited treatment options, including inherited retinal diseases and diseases affecting the central retina.

Ocugen’s pipeline includes modifier gene therapy candidates intended to treat multiple retinal disorders with a single therapeutic approach. Its lead programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease.