HC Wainwright Has Pessimistic View of Ocugen FY2024 Earnings

Ocugen, Inc. (NASDAQ:OCGN - Free Report) - Stock analysts at HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for Ocugen in a note issued to investors on Monday, November 11th. HC Wainwright analyst S. Ramakanth now forecasts that the company will post earnings per share of ($0.18) for the year, down from their previous forecast of ($0.17). HC Wainwright has a "Buy" rating and a $7.00 price objective on the stock. The consensus estimate for Ocugen's current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Ocugen's Q4 2024 earnings at ($0.05) EPS and FY2025 earnings at ($0.20) EPS.

OCGN has been the topic of a number of other reports. Maxim Group began coverage on Ocugen in a report on Tuesday, October 15th. They set a "buy" rating and a $4.00 price target on the stock. Chardan Capital reissued a "buy" rating and set a $6.00 price target on shares of Ocugen in a report on Friday, November 8th.

Ocugen Stock Performance

Shares of OCGN traded up $0.06 during trading hours on Thursday, reaching $1.02. 3,892,362 shares of the company's stock traded hands, compared to its average volume of 6,118,106. The firm has a market capitalization of $292.18 million, a price-to-earnings ratio of -5.04 and a beta of 3.75. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. Ocugen has a twelve month low of $0.36 and a twelve month high of $2.11. The business's fifty day simple moving average is $1.02 and its two-hundred day simple moving average is $1.35.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp boosted its stake in Ocugen by 2,760.5% during the second quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company's stock valued at $1,165,000 after buying an additional 725,536 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Ocugen by 3,040.0% in the 2nd quarter. Rhumbline Advisers now owns 301,218 shares of the company's stock valued at $467,000 after purchasing an additional 291,625 shares during the period. GSA Capital Partners LLP acquired a new position in shares of Ocugen in the 3rd quarter valued at $203,000. Profund Advisors LLC acquired a new position in shares of Ocugen in the 2nd quarter valued at $227,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Ocugen in the 2nd quarter valued at $166,000. Institutional investors own 10.27% of the company's stock.

About Ocugen

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.