Ocugen, Inc. (NASDAQ:OCGN) Receives $9.50 Consensus Price Target from Analysts

Shares of Ocugen, Inc. (NASDAQ:OCGN) have been assigned a consensus rating of “Moderate Buy” from the five analysts that are currently covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $9.50.

OCGN has been the subject of a number of recent research reports. Weiss Ratings downgraded Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 23rd. Canaccord Genuity Group decreased their target price on Ocugen from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Finally, Wall Street Zen upgraded shares of Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, May 16th.

Ocugen Trading Down 4.7%

Shares of OCGN stock opened at $1.21 on Monday. The company has a current ratio of 1.86, a quick ratio of 1.86 and a debt-to-equity ratio of 4.17. Ocugen has a 1 year low of $0.93 and a 1 year high of $2.73. The stock has a market cap of $409.61 million, a P/E ratio of -5.04 and a beta of 2.18. The stock has a 50 day simple moving average of $1.36 and a 200 day simple moving average of $1.59.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $1.53 million during the quarter, compared to analysts’ expectations of $0.42 million. On average, research analysts predict that Ocugen will post -0.22 earnings per share for the current fiscal year.

Insider Activity at Ocugen

In other Ocugen news, CFO Treerita Essali Johnson-Greene bought 21,000 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average price of $1.23 per share, for a total transaction of $25,830.00. Following the acquisition, the chief financial officer directly owned 521,000 shares of the company’s stock, valued at approximately $640,830. The trade was a 4.20% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 3.95% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. grew its stake in shares of Ocugen by 121.7% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock worth $4,331,000 after acquiring an additional 1,553,672 shares during the period. NewEdge Advisors LLC grew its stake in Ocugen by 23.0% during the first quarter. NewEdge Advisors LLC now owns 166,595 shares of the company’s stock valued at $302,000 after acquiring an additional 31,135 shares in the last quarter. CTC Alternative Strategies Ltd. bought a new stake in Ocugen during the 1st quarter worth approximately $34,000. Bank of America Corp DE lifted its stake in Ocugen by 1,090.0% in the 1st quarter. Bank of America Corp DE now owns 1,174,180 shares of the company’s stock worth $2,125,000 after purchasing an additional 1,075,508 shares in the last quarter. Finally, SummitTX Capital L.P. purchased a new stake in Ocugen in the 1st quarter worth approximately $76,000. Hedge funds and other institutional investors 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.