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

Ocugen, Inc. (NASDAQ:OCGN) has been given an average recommendation of “Moderate Buy” by the five research firms that are presently covering the firm, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation and four have given a buy recommendation to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $9.50.

Several equities research analysts recently weighed in on OCGN shares. Canaccord Genuity Group reduced their price target on Ocugen from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Wall Street Zen cut shares of Ocugen from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Finally, Weiss Ratings raised shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th.

Insider Buying and Selling

In other news, CEO Shankar Musunuri sold 57,264 shares of the firm’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $1.12, for a total value of $64,135.68. Following the transaction, the chief executive officer owned 1,088,035 shares of the company’s stock, valued at $1,218,599.20. This trade represents a 5.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 3.95% of the company’s stock.

Institutional Investors Weigh In On Ocugen

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

Ocugen Trading Up 3.9%

NASDAQ OCGN opened at $1.06 on Tuesday. The firm has a market cap of $359.46 million, a PE ratio of -4.08 and a beta of 2.20. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17. The stock has a 50-day moving average of $1.32 and a 200-day moving average of $1.53. Ocugen has a 1-year low of $1.00 and a 1-year high of $2.73.

Ocugen (NASDAQ:OCGN) last posted its earnings results on Thursday, August 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $1.49 million during the quarter, compared to the consensus estimate of $0.89 million. As a group, sell-side analysts forecast that Ocugen will post -0.25 EPS for the current year.

About Ocugen

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and other serious medical conditions. The company’s ophthalmology pipeline includes modifier gene therapies designed to address inherited retinal diseases, including retinitis pigmentosa and geographic atrophy associated with dry age-related macular degeneration.

Ocugen’s leading candidates include OCU400, an investigational gene therapy for certain inherited retinal diseases, and OCU410 and OCU410ST, investigational therapies being developed for geographic atrophy and Stargardt disease, respectively.