HC Wainwright Reaffirms Buy Rating for Ocugen (NASDAQ:OCGN)

HC Wainwright restated their buy rating on shares of Ocugen (NASDAQ:OCGN) in a research report report published on Wednesday, Benzinga reports. The brokerage currently has a $7.00 target price on the stock.

Separately, Maxim Group assumed coverage on shares of Ocugen in a report on Tuesday, October 15th. They issued a “buy” rating and a $4.00 target price on the stock.

Ocugen Stock Performance

NASDAQ:OCGN opened at $0.92 on Wednesday. Ocugen has a 52 week low of $0.35 and a 52 week high of $2.11. The company has a fifty day simple moving average of $1.09 and a two-hundred day simple moving average of $1.39. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The company has a market cap of $266.16 million, a price-to-earnings ratio of -4.87 and a beta of 3.70.

Ocugen (NASDAQ:OCGN) last released its earnings results on Thursday, August 8th. The company reported ($0.04) EPS for the quarter, topping the consensus estimate of ($0.06) by $0.02. The company had revenue of $1.14 million for the quarter. During the same period last year, the firm earned ($0.10) earnings per share. As a group, equities analysts anticipate that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Ocugen

A number of institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp raised its position in shares of Ocugen by 2,760.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company’s stock worth $1,165,000 after acquiring an additional 725,536 shares in the last quarter. Rhumbline Advisers raised its holdings in Ocugen by 3,040.0% during the second quarter. Rhumbline Advisers now owns 301,218 shares of the company’s stock worth $467,000 after purchasing an additional 291,625 shares in the last quarter. Profund Advisors LLC purchased a new stake in shares of Ocugen during the 2nd quarter worth approximately $227,000. The Manufacturers Life Insurance Company acquired a new position in shares of Ocugen in the 2nd quarter valued at $166,000. Finally, NorthCrest Asset Manangement LLC purchased a new position in shares of Ocugen in the 3rd quarter valued at $90,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

About Ocugen

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients’ health. The company’s pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.