Research analysts at Noble Financial initiated coverage on shares of Ocugen (NASDAQ:OCGN) in a research report issued to clients and investors on Monday, The Fly reports. The brokerage set a "buy" rating and a $6.80 price target on the stock. Noble Financial's target price would indicate a potential downside of 0.73% from the company's previous close.
Other analysts have also recently issued reports about the stock. Chardan Capital decreased their price target on shares of Ocugen from $8.00 to $4.50 and set a "neutral" rating for the company in a report on Thursday, June 10th. Cantor Fitzgerald reissued a "neutral" rating and issued a $11.00 price target (down previously from $15.00) on shares of Ocugen in a research note on Thursday, May 13th. HC Wainwright cut their price objective on shares of Ocugen from $12.00 to $10.00 and set a "buy" rating on the stock in a research report on Friday, June 11th. Roth Capital downgraded shares of Ocugen from a "buy" rating to a "neutral" rating and decreased their target price for the stock from $10.00 to $6.00 in a research report on Thursday, June 10th. Finally, Zacks Investment Research downgraded shares of Ocugen from a "hold" rating to a "sell" rating in a report on Wednesday, May 26th. One analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company. The company currently has an average rating of "Hold" and an average target price of $8.75.
Shares of OCGN stock traded down $0.09 during trading hours on Monday, reaching $6.85. 234,120 shares of the stock traded hands, compared to its average volume of 60,314,621. The company has a debt-to-equity ratio of 0.04, a current ratio of 12.00 and a quick ratio of 12.00. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of -22.23 and a beta of 4.43. Ocugen has a 1-year low of $0.25 and a 1-year high of $18.77. The firm has a fifty day moving average of $7.81.
Ocugen (NASDAQ:OCGN) last released its earnings results on Friday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing the Zacks' consensus estimate of $0.50 by ($0.54). As a group, analysts forecast that Ocugen will post -0.13 earnings per share for the current year.
In other Ocugen news, SVP Vijay Tammara sold 4,317 shares of Ocugen stock in a transaction that occurred on Monday, May 3rd. The stock was sold at an average price of $16.00, for a total value of $69,072.00. Following the transaction, the senior vice president now directly owns 9,000 shares of the company's stock, valued at approximately $144,000. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Ramesh Kumar sold 7,500 shares of the firm's stock in a transaction on Monday, July 19th. The stock was sold at an average price of $6.40, for a total transaction of $48,000.00. Following the completion of the sale, the director now owns 7,500 shares in the company, valued at approximately $48,000. The disclosure for this sale can be found here. Insiders sold a total of 545,327 shares of company stock worth $6,191,096 over the last quarter. 3.40% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LMR Partners LLP bought a new position in Ocugen during the fourth quarter valued at about $26,000. Pacer Advisors Inc. bought a new stake in shares of Ocugen during the first quarter valued at approximately $53,000. LPL Financial LLC bought a new stake in shares of Ocugen during the fourth quarter valued at approximately $59,000. Cetera Advisor Networks LLC acquired a new position in shares of Ocugen in the fourth quarter valued at $62,000. Finally, Savant Capital LLC bought a new position in Ocugen in the first quarter worth $75,000. Institutional investors and hedge funds own 12.39% of the company's stock.
Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. 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, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fusion protein that is in preclinical development stage for the treatment of diabetic macular edema, diabetic retinopathy, and wet AMD.
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