Ocugen (NASDAQ:OCGN) Raised to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Ocugen from “sell” to “hold,” while MarketBeat data shows a “Moderate Buy” consensus and an average price target of $9.50.
• Ocugen shares opened at $1.02, near their 52-week low of $0.97. The company reported a quarterly loss of $0.07 per share, missing estimates by $0.02, despite revenue exceeding expectations.
• Institutional ownership increased to 10.27%, including new stakes from BlackRock and Bank of America, while CEO Shankar Musunuri sold 57,264 shares under a pre-arranged trading plan.

Ocugen (NASDAQ:OCGN - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued on Saturday, Wall Street Zen reports.

Separately, Weiss Ratings raised Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $9.50.

Ocugen Stock Up 2.0%

Shares of OCGN opened at $1.02 on Friday. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.80 and a current ratio of 0.80. The company has a 50-day simple moving average of $1.22 and a 200-day simple moving average of $1.44. Ocugen has a 52 week low of $0.97 and a 52 week high of $2.73. The firm has a market capitalization of $345.89 million, a P/E ratio of -3.92 and a beta of 2.27.

Ocugen (NASDAQ:OCGN - Get Free Report) last released its earnings results on Thursday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The company had revenue of $1.49 million during the quarter, compared to analyst estimates of $0.89 million. On average, equities research analysts expect that Ocugen will post -0.25 earnings per share for the current year.

Insider Buying and Selling at Ocugen

In other news, CEO Shankar Musunuri sold 57,264 shares of Ocugen stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $1.12, for a total transaction of $64,135.68. Following the sale, the chief executive officer directly owned 1,088,035 shares in the company, valued at approximately $1,218,599.20. The trade was a 5.00% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 3.95% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in OCGN. BlackRock Inc. bought a new stake in shares of Ocugen in the 2nd quarter valued at approximately $41,314,000. Bank of America Corp DE bought a new position in shares of Ocugen during the 2nd quarter worth approximately $3,046,000. Hennion & Walsh Asset Management Inc. boosted its stake in Ocugen by 121.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company's stock valued at $4,331,000 after buying an additional 1,553,672 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Ocugen in the 2nd quarter valued at $1,238,000. Finally, Headlands Technologies LLC grew its position in Ocugen by 527.1% in the second quarter. Headlands Technologies LLC now owns 511,575 shares of the company's stock valued at $783,000 after acquiring an additional 429,997 shares during the period. Institutional investors and hedge funds own 10.27% of the company's stock.

Ocugen Company Profile

Ocugen, Inc NASDAQ: OCGN is a biotechnology company focused on developing gene and cell therapies for blindness diseases and other serious medical conditions. The company's ophthalmology pipeline includes modifier gene therapies designed to address inherited retinal diseases, including retinitis pigmentosa and geographic atrophy associated with dry age-related macular degeneration.

Ocugen's leading candidates include OCU400, an investigational gene therapy for certain inherited retinal diseases, and OCU410 and OCU410ST, investigational therapies being developed for geographic atrophy and Stargardt disease, respectively.

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