Wall Street Zen Upgrades Ocugen (NASDAQ:OCGN) to "Hold"

Key Points

• Wall Street Zen upgraded Ocugen from “sell” to “hold.” Overall, analysts have a “Moderate Buy” consensus rating and a $9.50 average price target.
• Ocugen shares were reported up 13.3%, opening at $0.93; the stock has traded between $0.69 and $2.73 over the past year.
• The company reported a quarterly loss of $0.07 per share, missing the $0.05 loss analysts expected. CEO Shankar Musunuri also sold 468,727 shares under a pre-arranged trading plan.

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

Separately, Weiss Ratings upgraded Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Ocugen currently has an average rating of "Moderate Buy" and a consensus price target of $9.50.

Ocugen Trading Up 13.3%

Shares of OCGN opened at $0.93 on Friday. The company has a 50-day moving average price of $0.98 and a two-hundred day moving average price of $1.41. Ocugen has a 12 month low of $0.69 and a 12 month high of $2.73. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.80 and a current ratio of 0.80.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The firm had revenue of $1.49 million for the quarter, compared to the consensus estimate of $0.89 million. On average, research analysts predict that Ocugen will post -0.23 EPS for the current year.

Insider Buying and Selling

In other news, CEO Shankar Musunuri sold 468,727 shares of the company's stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $0.95, for a total transaction of $445,290.65. Following the completion of the sale, the chief executive officer owned 4,018,470 shares in the company, valued at $3,817,546.50. This represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 1,051,982 shares of company stock worth $1,088,801 in the last 90 days. 3.95% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ocugen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in OCGN. Diversify Advisory Services LLC acquired a new position in Ocugen in the second quarter valued at $25,000. GTS Securities LLC purchased a new position in shares of Ocugen during the second quarter valued at approximately $27,000. Engineers Gate Manager LP raised its stake in Ocugen by 70.2% during the 2nd quarter. Engineers Gate Manager LP now owns 18,368 shares of the company's stock valued at $28,000 after purchasing an additional 7,577 shares during the period. CTC Alternative Strategies Ltd. purchased a new position in Ocugen during the first quarter worth $34,000. Finally, Legal & General Group Plc bought a new stake in shares of Ocugen in the 2nd quarter valued at about $51,000. Institutional investors 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 vaccines for infectious diseases. The company's programs are designed to address serious conditions with limited treatment options, including inherited retinal diseases and diseases affecting the central retina.

Ocugen's pipeline includes modifier gene therapy candidates intended to treat multiple retinal disorders with a single therapeutic approach. Its lead programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease.

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