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

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

Separately, Chardan Capital restated a “buy” rating and issued a $7.00 price target on shares of Ocugen in a report on Tuesday.

Ocugen Price Performance

Shares of Ocugen stock opened at $1.04 on Tuesday. The stock has a 50 day moving average price of $0.86 and a 200-day moving average price of $0.76. Ocugen has a one year low of $0.52 and a one year high of $1.98. The stock has a market cap of $302.25 million, a price-to-earnings ratio of -5.45 and a beta of 4.20. The company has a debt-to-equity ratio of 1.74, a quick ratio of 2.60 and a current ratio of 2.60.

Ocugen (NASDAQ:OCGN) last announced its quarterly earnings data on Friday, May 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.48 million for the quarter. Ocugen had a negative return on equity of 223.00% and a negative net margin of 1,271.12%. Equities analysts expect that Ocugen will post -0.2 EPS for the current year.

Institutional Trading of Ocugen

A number of hedge funds have recently added to or reduced their stakes in OCGN. Rhumbline Advisers increased its stake in shares of Ocugen by 6.4% in the 1st quarter. Rhumbline Advisers now owns 345,130 shares of the company’s stock valued at $244,000 after purchasing an additional 20,655 shares in the last quarter. Lanham O Dell & Company Inc. acquired a new position in Ocugen during the first quarter worth $82,000. GMT Capital Corp lifted its holdings in Ocugen by 69.2% during the first quarter. GMT Capital Corp now owns 4,153,798 shares of the company’s stock valued at $2,934,000 after purchasing an additional 1,698,840 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new stake in shares of Ocugen in the first quarter valued at about $28,000. Finally, Nuveen LLC purchased a new stake in shares of Ocugen during the first quarter worth about $535,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

Ocugen Company Profile

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.