Chardan Capital Reaffirms “Buy” Rating for Ocugen (NASDAQ:OCGN)

Ocugen (NASDAQ:OCGN)‘s stock had its “buy” rating reaffirmed by stock analysts at Chardan Capital in a note issued to investors on Tuesday,Benzinga reports. They currently have a $7.00 price objective on the stock. Chardan Capital’s price target would indicate a potential upside of 369.80% from the stock’s current price.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Ocugen in a research report on Wednesday, October 8th. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat, Ocugen has an average rating of “Hold” and an average target price of $7.00.

Ocugen Stock Down 10.8%

Shares of NASDAQ OCGN opened at $1.49 on Tuesday. Ocugen has a 1 year low of $0.52 and a 1 year high of $1.96. The firm has a 50-day simple moving average of $1.38 and a two-hundred day simple moving average of $1.31. The company has a market cap of $465.36 million, a P/E ratio of -6.77 and a beta of 3.50. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.85 and a quick ratio of 1.85.

Ocugen (NASDAQ:OCGN) last announced its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 491.22%. The business had revenue of $3.50 million during the quarter, compared to the consensus estimate of $0.44 million. Research analysts anticipate that Ocugen will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Ocugen

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC boosted its stake in Ocugen by 48.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company’s stock valued at $29,000 after acquiring an additional 9,791 shares in the last quarter. BNP Paribas Financial Markets lifted its holdings in shares of 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 during the last quarter. NewEdge Advisors LLC boosted its position in shares of Ocugen by 198.0% in the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock worth $36,000 after purchasing an additional 24,460 shares in the last quarter. Ethic Inc. purchased a new position in Ocugen during the 2nd quarter worth $40,000. Finally, Verdence Capital Advisors LLC purchased a new position in Ocugen during the 3rd quarter worth $47,000. 10.27% of the stock is currently owned by hedge funds and other institutional investors.

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.