Tocagen (NASDAQ:TOCA) Downgraded by HC Wainwright

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Tocagen (NASDAQ:TOCA) was downgraded by stock analysts at HC Wainwright from a “buy” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports. They presently have a $3.32 price target on the stock. HC Wainwright’s price objective suggests a potential upside of 254.28% from the company’s previous close.

The analysts wrote, “We lower our rating of TOCA to and considering the limited visibility of company’s pipeline development strategy going forward, we are not comfortable to determine a specific price target. (1) clinical; (2) commercial; (3) partnership; (4) financial; and (5) intellectual property. Tocagen, Inc. September 12, 2019 H.C. WAINWRIGHT & CO.””

Other research analysts have also recently issued research reports about the company. Citigroup assumed coverage on Tocagen in a research note on Thursday, May 30th. They set a “buy” rating for the company. Chardan Capital reaffirmed a “buy” rating and set a $10.00 target price on shares of Tocagen in a research note on Wednesday, May 22nd. Cantor Fitzgerald cut Tocagen from an “overweight” rating to a “neutral” rating in a research note on Thursday. ValuEngine raised Tocagen from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, Robert W. Baird reaffirmed a “neutral” rating on shares of Tocagen in a research note on Thursday. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $12.92.

TOCA stock traded down $3.24 during trading hours on Thursday, hitting $0.94. 5,202,055 shares of the stock traded hands, compared to its average volume of 248,979. The stock has a 50-day simple moving average of $4.35 and a 200 day simple moving average of $7.28. Tocagen has a one year low of $2.90 and a one year high of $15.80. The company has a market cap of $95.60 million, a P/E ratio of -0.38 and a beta of 4.07. The company has a current ratio of 4.21, a quick ratio of 4.21 and a debt-to-equity ratio of 0.86.

Tocagen (NASDAQ:TOCA) last announced its earnings results on Thursday, August 8th. The company reported ($0.72) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.04. Tocagen had a negative return on equity of 115.81% and a negative net margin of 300.42%. The business had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $0.50 million. Analysts forecast that Tocagen will post -2.67 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the stock. BNP Paribas Arbitrage SA boosted its position in shares of Tocagen by 72,350.0% in the 1st quarter. BNP Paribas Arbitrage SA now owns 4,347 shares of the company’s stock valued at $47,000 after purchasing an additional 4,341 shares during the period. Creative Planning acquired a new position in shares of Tocagen in the 1st quarter valued at $117,000. Parametric Portfolio Associates LLC acquired a new position in shares of Tocagen in the 2nd quarter valued at $75,000. Bank of America Corp DE boosted its position in shares of Tocagen by 28.6% in the 4th quarter. Bank of America Corp DE now owns 14,584 shares of the company’s stock valued at $120,000 after purchasing an additional 3,240 shares during the period. Finally, A.R.T. Advisors LLC acquired a new position in shares of Tocagen in the 2nd quarter valued at $114,000. Institutional investors and hedge funds own 35.43% of the company’s stock.

About Tocagen

Tocagen Inc, a clinical-stage cancer-selective gene therapy company, focuses on developing and commercializing product candidates designed to activate a patient's immune system against their cancer. Its cancer-selective gene therapy platform is built on retroviral replicating vectors (RRVs), which are designed to deliver therapeutic genes into the DNA of cancer cells.

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