FY2029 Earnings Forecast for Ocugen Issued By HC Wainwright

Key Points

• HC Wainwright lowered Ocugen’s FY2029 EPS forecast to $0.05 from $0.06, while the current full-year consensus remains a loss of $0.25 per share.
• Ocugen reported a quarterly loss of $0.07 per share, missing estimates by $0.02, although revenue of $1.49 million exceeded analysts’ $0.89 million forecast.
• The stock opened at $1.04, near its one-year low of $0.97. Despite mixed analyst ratings—including a recent downgrade to “sell”—Ocugen holds a “Moderate Buy” consensus rating with a $9.50 target price.

Ocugen, Inc. (NASDAQ:OCGN - Free Report) - Equities research analysts at HC Wainwright decreased their FY2029 earnings per share estimates for shares of Ocugen in a note issued to investors on Monday, September 28th. HC Wainwright analyst S. Ramakanth now expects that the company will post earnings of $0.05 per share for the year, down from their previous estimate of $0.06. The consensus estimate for Ocugen's current full-year earnings is ($0.25) per share.

Ocugen (NASDAQ:OCGN - Get Free Report) last issued its quarterly earnings data 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 analysts' expectations of $0.89 million.

A number of other analysts have also recently weighed in on the stock. Wall Street Zen cut shares of Ocugen from a "hold" rating to a "sell" rating in a report on Saturday, August 8th. Weiss Ratings upgraded shares of Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, Ocugen currently has an average rating of "Moderate Buy" and a consensus target price of $9.50.

Ocugen Stock Performance

Shares of Ocugen stock opened at $1.04 on Tuesday. The company has a market capitalization of $352.67 million, a PE ratio of -4.00 and a beta of 2.20. 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 $1.24 and a two-hundred day simple moving average of $1.47. Ocugen has a one year low of $0.97 and a one year high of $2.73.

Insiders Place Their Bets

In related news, CEO Shankar Musunuri sold 468,727 shares of the company's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $1.12, for a total transaction of $524,974.24. Following the transaction, the chief executive officer directly owned 4,487,197 shares of the company's stock, valued at $5,025,660.64. This represents a 9.46% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ocugen

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

About Ocugen

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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