Ocugen (NASDAQ:OCGN) Stock Rating Lowered by Wall Street Zen

Ocugen (NASDAQ:OCGN) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other brokerages also recently commented on OCGN. Oppenheimer initiated coverage on shares of Ocugen in a research report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price objective for the company. Chardan Capital reiterated a “buy” rating and issued a $7.00 price target on shares of Ocugen in a research note on Wednesday, March 25th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Canaccord Genuity Group assumed coverage on Ocugen in a report on Tuesday, March 17th. They set a “buy” rating and a $12.00 price target for the company. Finally, HC Wainwright upped their price objective on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, Ocugen currently has an average rating of “Moderate Buy” and a consensus price target of $9.75.

Ocugen Price Performance

Shares of NASDAQ:OCGN opened at $1.79 on Friday. The firm has a 50 day moving average of $1.76 and a 200-day moving average of $1.57. The stock has a market capitalization of $586.94 million, a PE ratio of -7.78 and a beta of 2.80. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 8.04. Ocugen has a 12 month low of $0.57 and a 12 month high of $2.73.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.06). The company had revenue of ($0.19) million during the quarter, compared to the consensus estimate of $0.86 million. Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. On average, equities research analysts predict that Ocugen will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Ocugen

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Caitong International Asset Management Co. Ltd boosted its position in Ocugen by 76,831.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 82,317 shares of the company’s stock valued at $111,000 after buying an additional 82,210 shares in the last quarter. Virtu Financial LLC acquired a new position in shares of Ocugen during the fourth quarter worth $106,000. NewEdge Advisors LLC lifted its stake in shares of Ocugen by 69.0% in the 4th quarter. NewEdge Advisors LLC now owns 135,460 shares of the company’s stock valued at $183,000 after acquiring an additional 55,305 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Ocugen by 29.7% in the 4th quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock valued at $7,285,000 after acquiring an additional 1,234,268 shares during the last quarter. Finally, Balyasny Asset Management L.P. acquired a new stake in shares of Ocugen during the 4th quarter valued at $196,000. Institutional investors own 10.27% of the company’s stock.

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.