Ocugen, Inc. (NASDAQ:OCGN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Ocugen, Inc. (NASDAQ:OCGN) has received a consensus recommendation of “Moderate Buy” from the five research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a sell rating and four have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $9.50.

A number of brokerages recently issued reports on OCGN. Weiss Ratings downgraded Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, June 23rd. Canaccord Genuity Group lowered their price objective on Ocugen from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Finally, Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th.

Insider Activity at Ocugen

In related news, CFO Treerita Essali Johnson-Greene purchased 21,000 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The stock was acquired at an average price of $1.23 per share, with a total value of $25,830.00. Following the completion of the purchase, the chief financial officer directly owned 521,000 shares in the company, valued at $640,830. This trade represents a 4.20% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 3.95% of the company’s stock.

Hedge Funds Weigh In On Ocugen

Hedge funds and other institutional investors have recently modified their holdings of the business. UBS Group AG increased its holdings in Ocugen by 373.2% in the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock worth $6,547,000 after purchasing an additional 3,824,474 shares in the last quarter. State Street Corp raised its position in Ocugen by 193.6% in the fourth quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,623,361 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Ocugen during the fourth quarter valued at about $3,417,000. Goldman Sachs Group Inc. boosted its stake in shares of Ocugen by 2,256.4% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,302,475 shares of the company’s stock valued at $3,108,000 after purchasing an additional 2,204,765 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. grew its holdings in shares of Ocugen by 121.7% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock worth $4,331,000 after purchasing an additional 1,553,672 shares during the last quarter. Institutional investors own 10.27% of the company’s stock.

Ocugen Price Performance

Shares of Ocugen stock opened at $1.21 on Monday. Ocugen has a twelve month low of $0.93 and a twelve month high of $2.73. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 4.17. The company has a 50-day simple moving average of $1.36 and a two-hundred day simple moving average of $1.59. The stock has a market capitalization of $409.61 million, a price-to-earnings ratio of -5.04 and a beta of 2.18.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $1.53 million for the quarter, compared to analysts’ expectations of $0.42 million. Analysts forecast that Ocugen will post -0.22 EPS for the current year.

About Ocugen

Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.

In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.