Ocugen (NASDAQ:OCGN) Upgraded by Wall Street Zen to Hold Rating

Key Points

• Ocugen has been upgraded from a "sell" rating to a "hold" rating by research analysts at Wall Street Zen.
• Chardan Capital and HC Wainwright both maintained "buy" ratings with a price target of $7.00 for Ocugen, contributing to an average consensus price target of $6.00.
• Despite a negative net margin of 1,197.71%, Ocugen reported earnings of ($0.05) per share, beating analyst estimates and generating revenue of $1.37 million during the last quarter.

Ocugen (NASDAQ:OCGN - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research note issued on Saturday.

A number of other equities analysts have also recently weighed in on OCGN. Chardan Capital restated a "buy" rating and set a $7.00 price objective on shares of Ocugen in a research report on Friday. 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 stock presently has an average rating of "Buy" and a consensus price target of $6.00.

Ocugen Stock Performance

OCGN opened at $1.34 on Friday. 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 firm has a fifty day moving average price of $1.06 and a 200 day moving average price of $0.89. Ocugen has a 1 year low of $0.52 and a 1 year high of $1.48. The stock has a market cap of $391.68 million, a P/E ratio of -6.70 and a beta of 4.15.

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

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. purchased a new position in Ocugen during the first quarter worth about $28,000. Vanguard Personalized Indexing Management LLC boosted its stake in shares of Ocugen by 48.8% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company's stock valued at $29,000 after purchasing an additional 9,791 shares during the period. Ameriprise Financial Inc. purchased a new position in shares of Ocugen in the fourth quarter valued at approximately $30,000. BNP Paribas Financial Markets purchased a new position in shares of Ocugen in the fourth quarter valued at approximately $30,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Ocugen by 198.0% in the second quarter. NewEdge Advisors LLC now owns 36,814 shares of the company's stock valued at $36,000 after purchasing an additional 24,460 shares during the period. 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.

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