Ocugen (NASDAQ:OCGN) Earns "Buy" Rating from Chardan Capital

Key Points

• Chardan Capital reissued a "buy" rating for Ocugen (NASDAQ:OCGN) with a price target of $7.00, indicating a potential upside of 400% from its current price.
• Ocugen reported a revenue of $1.37 million for the last quarter, exceeding expectations and achieving better earnings per share than consensus estimates.
• A number of institutional investors, including Vanguard and NewEdge Advisors, have significantly increased their stakes in Ocugen, signaling growing confidence in the company's prospects.

Chardan Capital reiterated their buy rating on shares of Ocugen (NASDAQ:OCGN - Free Report) in a report released on Friday,Benzinga reports. They currently have a $7.00 price target on the stock.

Separately, HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Ocugen in a research note on Tuesday, June 24th. Three research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $6.00.

Ocugen Price Performance

Ocugen stock traded down $0.06 during trading on Friday, hitting $1.34. The stock had a trading volume of 5,929,585 shares, compared to its average volume of 3,364,331. Ocugen has a 1 year low of $0.52 and a 1 year high of $1.48. The stock's 50 day moving average is $1.06 and its two-hundred day moving average is $0.90. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.83 and a quick ratio of 1.83.

Ocugen (NASDAQ:OCGN - Get Free Report) last released its earnings results on Friday, August 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The firm had revenue of $1.37 million during the quarter, compared to analyst estimates of $0.35 million. Ocugen had a negative net margin of 1,197.71% and a negative return on equity of 255.25%. Analysts predict that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OCGN. GMT Capital Corp grew its position in Ocugen by 69.2% during the 1st quarter. GMT Capital Corp now owns 4,153,798 shares of the company's stock worth $2,934,000 after acquiring an additional 1,698,840 shares during the last quarter. Northern Trust Corp lifted its position in Ocugen by 10.4% during the fourth quarter. Northern Trust Corp now owns 2,407,137 shares of the company's stock valued at $1,938,000 after purchasing an additional 227,150 shares in the last quarter. GSA Capital Partners LLP lifted its position in shares of Ocugen by 43.0% in the first quarter. GSA Capital Partners LLP now owns 1,638,033 shares of the company's stock valued at $1,157,000 after acquiring an additional 492,300 shares in the last quarter. Rinkey Investments lifted its position in shares of Ocugen by 1.2% in the second quarter. Rinkey Investments now owns 1,179,006 shares of the company's stock worth $1,144,000 after buying an additional 14,500 shares in the last quarter. Finally, Nuveen LLC purchased a new stake in Ocugen during the first quarter valued at approximately $535,000. Hedge funds and other institutional investors own 10.27% of the company's stock.

About Ocugen

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients' health. 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, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.