Ocugen (NASDAQ:OCGN) Earns Buy Rating from Chardan Capital

Ocugen (NASDAQ:OCGN)‘s stock had its “buy” rating reaffirmed by analysts at Chardan Capital in a research note issued to investors on Wednesday,Benzinga reports. They presently have a $7.00 price target on the stock. Chardan Capital’s price target suggests a potential upside of 257.14% from the stock’s current price.

A number of other equities research analysts have also issued reports on OCGN. Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, March 21st. HC Wainwright increased their target price on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday. Canaccord Genuity Group started coverage on Ocugen in a research report on Tuesday, March 17th. They set a “buy” rating and a $12.00 target price for the company. Oppenheimer initiated coverage on shares of Ocugen in a research note on Wednesday, March 11th. They set an “outperform” rating and a $10.00 target price for the company. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Four 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, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $9.75.

Ocugen Stock Performance

Ocugen stock opened at $1.96 on Wednesday. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. The firm has a market capitalization of $642.68 million, a P/E ratio of -8.52 and a beta of 2.75. Ocugen has a 1-year low of $0.57 and a 1-year high of $2.73. The company’s 50-day moving average is $1.74 and its 200 day moving average is $1.53.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). The business had revenue of ($0.19) million during the quarter, compared to analyst estimates of $0.86 million. Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%. Research analysts forecast that Ocugen will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. SmartHarvest Portfolios LLC purchased a new stake in shares of Ocugen in the 4th quarter worth $31,000. Schonfeld Strategic Advisors LLC purchased a new position in shares of Ocugen during the fourth quarter valued at $38,000. Verdence Capital Advisors LLC purchased a new position in shares of Ocugen during the third quarter valued at $47,000. Cora Capital Advisors LLC raised its holdings in shares of Ocugen by 27.5% in the fourth quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock valued at $41,000 after acquiring an additional 6,500 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in shares of Ocugen by 28,222.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 30,305 shares of the company’s stock valued at $41,000 after acquiring an additional 30,198 shares in the last quarter. 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.