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 stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Saturday.

A number of other research firms also recently issued reports on OCGN. Chardan Capital reissued a "buy" rating and set a $7.00 price target on shares of Ocugen in a research report on Friday. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Ocugen in a research report on Tuesday, June 24th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, Ocugen has a consensus rating of "Buy" and a consensus target price of $6.00.

Ocugen Stock Up 10.4%

Shares of OCGN traded up $0.15 during midday trading on Friday, reaching $1.54. 1,258,263 shares of the stock were exchanged, compared to its average volume of 4,342,127. Ocugen has a 52 week low of $0.52 and a 52 week high of $1.48. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 9.18. The company's 50 day moving average is $1.06 and its two-hundred day moving average is $0.90. The company has a market capitalization of $448.68 million, a P/E ratio of -7.42 and a beta of 4.16.

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

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Nuveen LLC purchased a new position in shares of Ocugen in the first quarter worth about $535,000. Ameriprise Financial Inc. purchased a new position in shares of Ocugen in the fourth quarter worth about $30,000. Procyon Advisors LLC purchased a new position in shares of Ocugen in the second quarter worth about $194,000. Wellington Management Group LLP raised its stake in shares of Ocugen by 10.5% in the fourth quarter. Wellington Management Group LLP now owns 507,495 shares of the company's stock worth $409,000 after purchasing an additional 48,393 shares during the last quarter. Finally, Northern Trust Corp raised 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 worth $1,938,000 after purchasing an additional 227,150 shares during the last quarter. 10.27% of the stock is currently owned by hedge funds and other institutional investors.

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.