Chardan Capital Reiterates Buy Rating for Ocugen (NASDAQ:OCGN)

Chardan Capital reaffirmed their buy rating on shares of Ocugen (NASDAQ:OCGN - Free Report) in a research note published on Tuesday,Benzinga reports. They currently have a $7.00 target price on the stock.

Separately, HC Wainwright cut their target price on Ocugen from $8.00 to $7.00 and set a "buy" rating on the stock in a research report on Monday, May 12th.

Ocugen Stock Up 5.5%

NASDAQ OCGN traded up $0.05 on Tuesday, hitting $1.04. The stock had a trading volume of 6,925,110 shares, compared to its average volume of 4,455,424. The business's fifty day moving average price is $0.85 and its 200 day moving average price is $0.76. The stock has a market cap of $302.25 million, a price-to-earnings ratio of -5.45 and a beta of 4.20. The company has a debt-to-equity ratio of 1.74, a current ratio of 2.60 and a quick ratio of 2.60. Ocugen has a 52-week low of $0.52 and a 52-week high of $1.98.

Ocugen (NASDAQ:OCGN - Get Free Report) last posted its quarterly earnings data on Friday, May 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Ocugen had a negative return on equity of 223.00% and a negative net margin of 1,271.12%. The firm had revenue of $1.48 million during the quarter. Equities research analysts anticipate that Ocugen will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Ocugen

Large investors have recently made changes to their positions in the company. Renaissance Technologies LLC acquired a new stake in Ocugen in the 4th quarter valued at $1,681,000. GMT Capital Corp lifted its holdings in Ocugen by 69.2% during the first quarter. GMT Capital Corp now owns 4,153,798 shares of the company's stock valued at $2,934,000 after purchasing an additional 1,698,840 shares in the last quarter. Nuveen LLC acquired a new stake in shares of Ocugen in the first quarter valued at about $535,000. GSA Capital Partners LLP increased its stake in shares of Ocugen by 43.0% during the first quarter. GSA Capital Partners LLP now owns 1,638,033 shares of the company's stock worth $1,157,000 after purchasing an additional 492,300 shares in the last quarter. Finally, Jane Street Group LLC raised its position in shares of Ocugen by 258.8% during the 4th quarter. Jane Street Group LLC now owns 496,177 shares of the company's stock worth $399,000 after purchasing an additional 357,891 shares during the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.

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.