Zacks Investment Research Upgrades Ocugen (NASDAQ:OCGN) to “Hold”

Zacks Investment Research upgraded shares of Ocugen (NASDAQ:OCGN) from a sell rating to a hold rating in a research report sent to investors on Wednesday morning, Zacks.com reports.

According to Zacks, “Ocugen Inc. is a clinical stage biopharmaceutical company. It is focused on discovering, developing and commercializing therapies which address rare and underserved eye diseases. The company’s product pipeline consists of OCU400, OCU300, OCU100 and OCU200 which are in clinical stage. Ocugen Inc., formerly known as Histogenics Cp, is based in Malvern, Pennsylvania. “

Other research analysts have also recently issued research reports about the company. HC Wainwright reaffirmed a buy rating and set a $10.00 target price on shares of Ocugen in a research note on Monday, August 9th. Noble Financial began coverage on Ocugen in a research note on Monday, July 26th. They issued a buy rating and a $6.80 price objective on the stock. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, Ocugen has an average rating of Hold and an average price target of $7.38.

OCGN opened at $9.23 on Wednesday. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of -29.77 and a beta of 4.47. The stock’s 50 day moving average price is $7.51 and its 200-day moving average price is $7.83. Ocugen has a one year low of $0.25 and a one year high of $18.77. The company has a debt-to-equity ratio of 0.01, a quick ratio of 25.13 and a current ratio of 25.13.

Ocugen (NASDAQ:OCGN) last released its earnings results on Friday, August 6th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.10). As a group, analysts predict that Ocugen will post -0.25 earnings per share for the current fiscal year.

In other Ocugen news, Director Ramesh Kumar sold 7,500 shares of the stock in a transaction on Monday, July 19th. The stock was sold at an average price of $6.40, for a total transaction of $48,000.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $48,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Shankar Musunuri sold 125,000 shares of the stock in a transaction on Wednesday, September 15th. The shares were sold at an average price of $7.52, for a total value of $940,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 142,500 shares of company stock worth $1,056,100. 3.65% of the stock is owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in OCGN. BlackRock Inc. boosted its position in Ocugen by 53.8% during the 1st quarter. BlackRock Inc. now owns 3,422,471 shares of the company’s stock valued at $23,238,000 after acquiring an additional 1,196,797 shares in the last quarter. UBS Group AG lifted its holdings in shares of Ocugen by 338,448.8% during the 1st quarter. UBS Group AG now owns 138,805 shares of the company’s stock valued at $942,000 after purchasing an additional 138,764 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in shares of Ocugen during the 1st quarter valued at $94,000. Geode Capital Management LLC lifted its holdings in shares of Ocugen by 34.4% during the 1st quarter. Geode Capital Management LLC now owns 1,635,172 shares of the company’s stock valued at $11,102,000 after purchasing an additional 418,757 shares during the last quarter. Finally, Northern Trust Corp lifted its holdings in shares of Ocugen by 17.3% during the 1st quarter. Northern Trust Corp now owns 359,202 shares of the company’s stock valued at $2,439,000 after purchasing an additional 53,084 shares during the last quarter. 28.49% of the stock is currently owned by institutional investors and hedge funds.

About Ocugen

Ocugen, Inc is a biopharmaceutical company, which engages in the development and commercialization of therapies to cure eye diseases. Its product pipeline candidates include OCU400, OCU410, OCU200, and COVAXIN. The firm’s modifier gene therapy platform is engaged in addressing retinal diseases, including retinitis pigmentosa, leber congenital amaurosis, and dry age-related macular degeneration.

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