Ocugen (NASDAQ:OCGN) Stock Price Expected to Rise, Chardan Capital Analyst Says

Ocugen (NASDAQ:OCGN - Free Report) had its price objective raised by Chardan Capital from $6.00 to $7.00 in a research note published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, HC Wainwright reiterated a "buy" rating and set a $8.00 price objective on shares of Ocugen in a research note on Thursday.

Ocugen Stock Performance

Ocugen stock traded down $0.05 during mid-day trading on Thursday, hitting $0.56. 4,790,917 shares of the company's stock traded hands, compared to its average volume of 4,211,042. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.04. Ocugen has a one year low of $0.55 and a one year high of $2.11. The firm has a 50 day moving average price of $0.73 and a 200 day moving average price of $0.90. The company has a market cap of $162.48 million, a PE ratio of -3.09 and a beta of 3.88.

Ocugen (NASDAQ:OCGN - Get Free Report) last posted its quarterly earnings data on Wednesday, March 5th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate of ($0.05). The business had revenue of $0.76 million during the quarter, compared to the consensus estimate of $0.30 million. Ocugen had a negative net margin of 532.51% and a negative return on equity of 154.75%. During the same quarter in the prior year, the company posted ($0.03) earnings per share. On average, equities analysts forecast that Ocugen will post -0.2 EPS for the current year.

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Institutional Investors Weigh In On Ocugen

Several hedge funds and other institutional investors have recently bought and sold shares of OCGN. State Street Corp boosted its position in shares of Ocugen by 7.1% during the 3rd quarter. State Street Corp now owns 15,824,517 shares of the company's stock valued at $15,701,000 after purchasing an additional 1,047,896 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Ocugen by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company's stock worth $5,305,000 after buying an additional 309,853 shares in the last quarter. Northern Trust Corp grew its position in Ocugen by 10.4% in the fourth quarter. Northern Trust Corp now owns 2,407,137 shares of the company's stock worth $1,938,000 after buying an additional 227,150 shares during the last quarter. Renaissance Technologies LLC bought a new position in shares of Ocugen in the fourth quarter valued at $1,681,000. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of Ocugen by 12.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 860,244 shares of the company's stock valued at $692,000 after purchasing an additional 93,288 shares during the period. 10.27% of the stock is currently owned by 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.