Ocugen (NASDAQ:OCGN) Stock Bumped Up to Hold by Wall Street Zen

Wall Street Zen upgraded shares of Ocugen (NASDAQ:OCGN) from a sell rating to a hold rating in a report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat.com, Ocugen currently has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Ocugen Price Performance

OCGN stock opened at $1.02 on Friday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17. Ocugen has a one year low of $0.97 and a one year high of $2.73. The firm has a market capitalization of $345.89 million, a PE ratio of -3.92 and a beta of 2.27. The firm has a 50-day moving average of $1.22 and a two-hundred day moving average of $1.44.

Ocugen (NASDAQ:OCGN) last released its earnings results on Thursday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $1.49 million for the quarter, compared to analyst estimates of $0.89 million. On average, analysts forecast that Ocugen will post -0.25 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Shankar Musunuri sold 468,727 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $1.12, for a total transaction of $524,974.24. Following the transaction, the chief executive officer directly owned 4,487,197 shares of the company’s stock, valued at approximately $5,025,660.64. The trade was a 9.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Ocugen during the 2nd quarter valued at $41,314,000. Hennion & Walsh Asset Management Inc. raised its holdings in shares of Ocugen by 121.7% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock worth $4,331,000 after acquiring an additional 1,553,672 shares in the last quarter. Bank of America Corp DE purchased a new stake in shares of Ocugen during the second quarter worth $3,046,000. Bank of New York Mellon Corp acquired a new stake in Ocugen during the second quarter valued at $1,238,000. Finally, Procyon Advisors LLC boosted its position in Ocugen by 95.9% during the first quarter. Procyon Advisors LLC now owns 438,938 shares of the company’s stock valued at $794,000 after purchasing an additional 214,838 shares during the last quarter. Hedge funds and other institutional investors own 10.27% of the company’s stock.

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.