Ocugen (NASDAQ:OCGN) Earns Buy Rating from HC Wainwright

Ocugen (NASDAQ:OCGN - Get Free Report)'s stock had its "buy" rating reissued by equities researchers at HC Wainwright in a research report issued to clients and investors on Thursday,Benzinga reports. They presently have a $8.00 price objective on the stock. HC Wainwright also issued estimates for Ocugen's FY2029 earnings at $1.15 EPS.

Separately, Chardan Capital reiterated a "buy" rating and set a $6.00 price target on shares of Ocugen in a research note on Thursday, February 13th.

Ocugen Stock Performance

NASDAQ OCGN traded down $0.05 during trading hours on Thursday, reaching $0.56. The stock had a trading volume of 4,790,917 shares, compared to its average volume of 4,211,042. Ocugen has a 52-week low of $0.55 and a 52-week high of $2.11. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $162.48 million, a P/E ratio of -3.09 and a beta of 3.88. The stock has a fifty day moving average of $0.73 and a 200 day moving average of $0.90.

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

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Institutional Trading of Ocugen

Hedge funds have recently bought and sold shares of the company. State Street Corp increased its stake in Ocugen by 7.1% during the third quarter. State Street Corp now owns 15,824,517 shares of the company's stock worth $15,701,000 after acquiring an additional 1,047,896 shares during the last quarter. Geode Capital Management LLC grew its position in Ocugen by 4.9% in the fourth quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company's stock valued at $5,305,000 after acquiring an additional 309,853 shares in the last quarter. Northern Trust Corp boosted its stake in shares of Ocugen by 10.4% in the fourth quarter. Northern Trust Corp now owns 2,407,137 shares of the company's stock valued at $1,938,000 after purchasing an additional 227,150 shares during the period. Renaissance Technologies LLC acquired a new stake in shares of Ocugen during the fourth quarter valued at about $1,681,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Ocugen by 12.2% during 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 in the last quarter. Institutional investors and hedge funds 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.