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

Ocugen logo with Medical background

Chardan Capital reaffirmed their buy rating on shares of Ocugen (NASDAQ:OCGN - Free Report) in a report released on Tuesday,Benzinga reports. The firm currently has a $7.00 target price on the stock.

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

Check Out Our Latest Analysis on Ocugen

Ocugen Stock Performance

OCGN stock traded down $0.02 during midday trading on Tuesday, reaching $1.02. The company had a trading volume of 9,221,192 shares, compared to its average volume of 4,597,306. The firm has a market capitalization of $296.41 million, a PE ratio of -5.34 and a beta of 4.20. Ocugen has a fifty-two week low of $0.52 and a fifty-two week high of $1.98. The company has a quick ratio of 2.60, a current ratio of 2.60 and a debt-to-equity ratio of 1.74. The stock has a 50 day moving average price of $0.87 and a 200 day moving average price of $0.76.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its quarterly earnings results on Friday, May 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.48 million during the quarter. Ocugen had a negative net margin of 1,271.12% and a negative return on equity of 223.00%. Analysts anticipate that Ocugen will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Ocugen

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its holdings in shares of Ocugen by 12.9% in the fourth quarter. Rhumbline Advisers now owns 324,475 shares of the company's stock valued at $261,000 after buying an additional 37,034 shares during the period. Geode Capital Management LLC boosted its position in shares of Ocugen by 4.9% during the 4th quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company's stock valued at $5,305,000 after purchasing an additional 309,853 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Ocugen by 12.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 860,244 shares of the company's stock worth $692,000 after purchasing an additional 93,288 shares in the last quarter. Ameriprise Financial Inc. bought a new stake in Ocugen during the fourth quarter worth approximately $30,000. Finally, SBI Securities Co. Ltd. acquired a new position in Ocugen in the fourth quarter worth approximately $40,000. Institutional investors own 10.27% of the company's stock.

Ocugen Company Profile

(Get Free Report)

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.

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