Ocugen (NASDAQ:OCGN) was downgraded by Zacks Investment Research from a "hold" rating to a "sell" rating in a report released on Wednesday, Zacks.com reports.
According to Zacks, "Ocugen Inc. is a clinical stage biopharmaceutical company. It is focused on discovering, developing and commercializing therapies which address rare and underserved eye diseases. The company's product pipeline consists of OCU400, OCU300, OCU100 and OCU200 which are in clinical stage. Ocugen Inc., formerly known as Histogenics Cp, is based in Malvern, Pennsylvania. "
OCGN has been the subject of several other reports. Roth Capital lowered shares of Ocugen from a "buy" rating to a "neutral" rating and cut their price target for the company from $10.00 to $6.00 in a research report on Thursday, June 10th. Chardan Capital dropped their target price 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. Noble Financial started coverage on shares of Ocugen in a report on Monday, July 26th. They set a "buy" rating and a $6.80 target price for the company. Finally, HC Wainwright reiterated a "buy" rating and set a $10.00 target price on shares of Ocugen in a report on Monday, August 9th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Ocugen presently has an average rating of "Hold" and a consensus price target of $7.38.
Ocugen stock opened at $7.55 on Wednesday. The stock has a market cap of $1.50 billion, a P/E ratio of -24.35 and a beta of 4.47. Ocugen has a fifty-two week low of $0.25 and a fifty-two week high of $18.77. The firm's fifty day moving average price is $7.30 and its 200-day moving average price is $8.03. The company has a debt-to-equity ratio of 0.01, a quick ratio of 25.13 and a current ratio of 25.13.
Ocugen (NASDAQ:OCGN) last released its earnings results on Friday, August 6th. The company reported ($0.13) EPS for the quarter, missing the Zacks' consensus estimate of ($0.03) by ($0.10). Sell-side analysts predict that Ocugen will post -0.25 earnings per share for the current year.
In related news, Director Uday Kompella sold 10,000 shares of the firm's stock in a transaction that occurred on Friday, June 25th. The shares were sold at an average price of $8.13, for a total value of $81,300.00. Following the sale, the director now owns 560,674 shares in the company, valued at $4,558,279.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ramesh Kumar sold 7,500 shares of the firm's stock in a transaction that occurred 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 have sold 58,586 shares of company stock valued at $405,676 in the last three months. 3.65% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the company. Creative Financial Designs Inc. ADV purchased a new position in shares of Ocugen during the 2nd quarter worth $32,000. Advisor Group Holdings Inc. boosted its stake in shares of Ocugen by 50.7% during the 2nd quarter. Advisor Group Holdings Inc. now owns 4,731 shares of the company's stock worth $38,000 after acquiring an additional 1,592 shares during the last quarter. Macquarie Group Ltd. purchased a new position in shares of Ocugen during the 2nd quarter worth $55,000. Retirement Group LLC boosted its stake in shares of Ocugen by 41.8% during the 2nd quarter. Retirement Group LLC now owns 8,505 shares of the company's stock worth $68,000 after acquiring an additional 2,505 shares during the last quarter. Finally, EPG Wealth Management LLC lifted its stake in shares of Ocugen by 12.5% during the 1st quarter. EPG Wealth Management LLC now owns 11,250 shares of the company's stock valued at $76,000 after buying an additional 1,250 shares in the last quarter. Institutional investors and hedge funds own 28.49% of the company's stock.
Ocugen, Inc is a biopharmaceutical company, which engages in the development and commercialization of therapies to cure eye diseases. Its product pipeline candidates include OCU400, OCU410, OCU200, and COVAXIN. The firm's modifier gene therapy platform is engaged in addressing retinal diseases, including retinitis pigmentosa, leber congenital amaurosis, and dry age-related macular degeneration.
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