HC Wainwright Lowers Ocugen (NASDAQ:OCGN) Price Target to $7.00

Ocugen (NASDAQ:OCGN) had its price objective reduced by equities researchers at HC Wainwright from $8.00 to $7.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a report on Monday.

Ocugen Stock Up 0.4%

Ocugen stock opened at $0.70 on Monday. The company’s 50 day simple moving average is $0.66 and its 200 day simple moving average is $0.76. Ocugen has a fifty-two week low of $0.52 and a fifty-two week high of $2.06. The firm has a market capitalization of $205.15 million, a price-to-earnings ratio of -3.90 and a beta of 4.21. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.58 and a quick ratio of 2.58.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings data on Friday, May 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating 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 company had revenue of $1.48 million for the quarter. As a group, sell-side analysts anticipate that Ocugen will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Ocugen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BNP Paribas Financial Markets bought a new position in Ocugen in the fourth quarter valued at about $30,000. Ameriprise Financial Inc. bought a new position in shares of Ocugen in the 4th quarter worth $30,000. Virtu Financial LLC purchased a new position in Ocugen during the 4th quarter worth $32,000. Tower Research Capital LLC TRC grew its stake in Ocugen by 309.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 39,848 shares of the company’s stock worth $32,000 after buying an additional 30,120 shares during the last quarter. Finally, SBI Securities Co. Ltd. purchased a new stake in Ocugen during the 4th quarter valued at about $40,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

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.