Ocugen's (OCGN) Buy Rating Reaffirmed at 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 reaffirmed their buy rating on shares of Ocugen (NASDAQ:OCGN - Free Report) in a research report released on Friday morning,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of Ocugen in a research report on Tuesday, June 24th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $6.00.

Ocugen Stock Performance

OCGN stock traded up $0.18 during midday trading on Friday, reaching $1.57. 6,567,158 shares of the company were exchanged, compared to its average volume of 4,375,100. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.83 and a quick ratio of 1.83. The business has a 50-day moving average price of $1.06 and a two-hundred day moving average price of $0.90. Ocugen has a one year low of $0.52 and a one year high of $1.56. The firm has a market capitalization of $457.45 million, a price-to-earnings ratio of -7.82 and a beta of 4.16.

Ocugen (NASDAQ:OCGN - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported ($0.05) EPS for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Ocugen had a negative net margin of 1,197.71% and a negative return on equity of 255.25%. The firm had revenue of $1.37 million during the quarter, compared to analysts' expectations of $0.35 million. Equities research analysts forecast that Ocugen will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. GMT Capital Corp increased its stake in shares of Ocugen by 69.2% in the first quarter. GMT Capital Corp now owns 4,153,798 shares of the company's stock valued at $2,934,000 after buying an additional 1,698,840 shares during the period. Northern Trust Corp increased its stake in shares of Ocugen by 10.4% in the fourth quarter. Northern Trust Corp now owns 2,407,137 shares of the company's stock valued at $1,938,000 after buying an additional 227,150 shares during the period. GSA Capital Partners LLP increased its stake 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 buying an additional 492,300 shares during the period. Rinkey Investments increased its stake in shares of Ocugen by 1.2% in the second quarter. Rinkey Investments now owns 1,179,006 shares of the company's stock valued at $1,144,000 after buying an additional 14,500 shares during the period. Finally, Nuveen LLC acquired a new position in shares of Ocugen in the first quarter valued at approximately $535,000. Institutional investors and hedge funds own 10.27% of the company's stock.

Ocugen Company Profile

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.