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

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

Separately, HC Wainwright reaffirmed a "buy" rating and issued a $8.00 target price on shares of Ocugen in a report on Thursday, March 6th.

Ocugen Stock Performance

Shares of NASDAQ:OCGN traded up $0.05 during trading on Monday, reaching $0.76. The stock had a trading volume of 8,330,675 shares, compared to its average volume of 4,446,748. The stock has a fifty day simple moving average of $0.67 and a two-hundred day simple moving average of $0.76. The firm has a market capitalization of $221.47 million, a price-to-earnings ratio of -4.21 and a beta of 4.21. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.04. Ocugen has a 52 week low of $0.52 and a 52 week high of $2.03.

Ocugen (NASDAQ:OCGN - Get Free Report) last posted its quarterly earnings results 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 net margin of 532.51% and a negative return on equity of 154.75%. The firm had revenue of $1.48 million for the quarter. As a group, analysts anticipate that Ocugen will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OCGN. Renaissance Technologies LLC bought a new position in shares of Ocugen in the fourth quarter valued at about $1,681,000. GMT Capital Corp raised its holdings 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 last quarter. Nuveen LLC bought a new position in shares of Ocugen in the first quarter valued at about $535,000. GSA Capital Partners LLP raised its holdings 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 last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Ocugen by 258.8% in the fourth quarter. Jane Street Group LLC now owns 496,177 shares of the company's stock valued at $399,000 after buying an additional 357,891 shares during the last quarter. 10.27% of the stock is owned by 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.