Ocugen, Inc. (NASDAQ:OCGN) Receives Consensus Rating of “Moderate Buy” from Analysts

Shares of Ocugen, Inc. (NASDAQ:OCGN) have been given a consensus recommendation of “Moderate Buy” by the five research firms that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $9.50.

Several equities research analysts have commented on OCGN shares. Weiss Ratings upgraded Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, August 11th. Wall Street Zen raised shares of Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, October 3rd.

Insiders Place Their Bets

In other Ocugen news, CEO Shankar Musunuri sold 468,727 shares of the company’s stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $1.12, for a total value of $524,974.24. Following the completion of the transaction, the chief executive officer owned 4,487,197 shares in the company, valued at approximately $5,025,660.64. This represents a 9.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.95% of the company’s stock.

Institutional Investors Weigh In On Ocugen

Institutional investors have recently modified their holdings of the business. BlackRock Inc. acquired a new position in shares of Ocugen during the 2nd quarter worth approximately $41,314,000. Hennion & Walsh Asset Management Inc. grew its stake in Ocugen by 121.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock valued at $4,331,000 after acquiring an additional 1,553,672 shares during the period. Bank of America Corp DE purchased a new stake in Ocugen in the 2nd quarter worth $3,046,000. Bank of New York Mellon Corp purchased a new stake in Ocugen in the 2nd quarter worth $1,238,000. Finally, Headlands Technologies LLC increased its holdings in Ocugen by 527.1% in the 2nd quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock worth $783,000 after acquiring an additional 429,997 shares in the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.

Ocugen Trading Down 3.8%

Shares of Ocugen stock opened at $1.00 on Friday. The stock has a market cap of $339.11 million, a PE ratio of -3.85 and a beta of 2.27. The firm has a fifty day moving average price of $1.21 and a 200 day moving average price of $1.41. Ocugen has a 1 year low of $0.97 and a 1 year high of $2.73. The company has a debt-to-equity ratio of 4.17, a current ratio of 0.80 and a quick ratio of 0.80.

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

Ocugen Company Profile

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 platform includes modifier gene therapy, which is designed to address common disease pathways and potentially treat multiple genetic disorders with a single therapeutic approach.

Ocugen’s ophthalmic pipeline includes OCU400, an investigational gene therapy being developed for certain forms of retinitis pigmentosa, as well as OCU410 and OCU410ST, which are being studied for geographic atrophy associated with age-related macular degeneration.