Ocugen (NASDAQ:OCGN) Price Target Lowered to $11.00 at Canaccord Genuity Group

Ocugen (NASDAQ:OCGN) had its price target decreased by Canaccord Genuity Group from $12.00 to $11.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

OCGN has been the subject of a number of other research reports. Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a research note on Wednesday, March 25th. HC Wainwright increased their target price on Ocugen from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. Weiss Ratings lowered Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 18th. Finally, Oppenheimer assumed coverage on Ocugen in a research note on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 target price for the company. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Ocugen Price Performance

OCGN stock opened at $1.34 on Wednesday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.86 and a current ratio of 1.86. Ocugen has a 1 year low of $0.80 and a 1 year high of $2.73. The firm has a market cap of $453.62 million, a P/E ratio of -5.58 and a beta of 2.30. The stock has a 50-day simple moving average of $1.73 and a 200-day simple moving average of $1.57.

Ocugen (NASDAQ:OCGN) last posted its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 127,987.80%. The company had revenue of $1.53 million during the quarter, compared to analyst estimates of $0.42 million. On average, equities analysts predict that Ocugen will post -0.22 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocugen

Hedge funds have recently bought and sold shares of the business. SmartHarvest Portfolios LLC acquired a new stake in Ocugen during the 4th quarter valued at approximately $31,000. CTC Alternative Strategies Ltd. acquired a new stake in Ocugen during the 1st quarter valued at approximately $34,000. BNP Paribas Financial Markets grew its stake in Ocugen by 56.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock valued at $36,000 after purchasing an additional 13,326 shares in the last quarter. NewEdge Advisors LLC grew its stake in Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after purchasing an additional 24,460 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Ocugen during the 4th quarter valued at approximately $38,000. Institutional investors and hedge funds own 10.27% of the company’s stock.

Ocugen Company Profile

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.