Ocugen, Inc. (NASDAQ:OCGN) Stock Has Average Price Target of $9.50

Key Points

• Analyst sentiment is moderately positive: Ocugen has a consensus “Moderate Buy” rating, with four buy ratings and one sell rating. The average 12-month price target is $9.50, compared with the stock’s recent price of $1.02.
• Insider activity was negative, while institutions increased exposure: CEO Shankar Musunuri sold 57,264 shares under a pre-arranged trading plan, reducing his position by 5%. Meanwhile, several institutional investors, including BlackRock and Hennion & Walsh, bought or expanded holdings.
• Financial results remain challenging: Ocugen missed quarterly EPS expectations, reporting a loss of $0.07 per share versus the projected $0.05 loss, despite revenue of $1.49 million. The company is developing gene and cell therapies for inherited retinal diseases and other serious conditions.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) has received a consensus recommendation of "Moderate Buy" from the five ratings firms that are currently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $9.50.

Several equities research analysts have recently commented on OCGN shares. Weiss Ratings upgraded Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Wall Street Zen upgraded shares of Ocugen from a "sell" rating to a "hold" rating in a research note on Saturday.

Insider Buying and Selling at Ocugen

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

Institutional Trading of Ocugen

Several institutional investors and hedge funds have recently modified their holdings of the stock. Hennion & Walsh Asset Management Inc. raised its position 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 during the last quarter. Bank of America Corp DE purchased a new position in Ocugen during the 2nd quarter worth $3,046,000. BlackRock Inc. bought a new stake in shares of Ocugen in the 2nd quarter worth $41,314,000. Headlands Technologies LLC grew its stake in shares of Ocugen by 527.1% in the 2nd quarter. Headlands Technologies LLC now owns 511,575 shares of the company's stock worth $783,000 after acquiring an additional 429,997 shares in the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Ocugen in the second quarter valued at about $1,238,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

Ocugen Stock Up 2.0%

Ocugen stock opened at $1.02 on Friday. The company has a market capitalization of $345.89 million, a PE ratio of -3.92 and a beta of 2.27. Ocugen has a 12-month low of $0.97 and a 12-month high of $2.73. The firm's fifty day moving average is $1.22 and its 200 day moving average is $1.44. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 4.17.

Ocugen (NASDAQ:OCGN - Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.07) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The business had revenue of $1.49 million for the quarter, compared to analyst estimates of $0.89 million. As a group, sell-side analysts predict that Ocugen will post -0.25 EPS for the current fiscal year.

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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