Ocugen, Inc. (NASDAQ:OCGN) Stock Has Average Price Target of $9.50 According to Brokerages

Shares of Ocugen, Inc. (NASDAQ:OCGN) have earned a consensus recommendation of “Moderate Buy” from the five ratings firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $9.50.

Several equities analysts have issued reports on the stock. Wall Street Zen upgraded shares of Ocugen from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings upgraded shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th.

Ocugen Stock Up 2.0%

OCGN stock opened at $1.04 on Friday. The stock has a market capitalization of $352.67 million, a P/E ratio of -4.00 and a beta of 2.27. The company has a debt-to-equity ratio of 4.17, a current ratio of 0.80 and a quick ratio of 0.80. Ocugen has a 1-year low of $0.97 and a 1-year high of $2.73. The business has a fifty day moving average price of $1.22 and a 200-day moving average price of $1.42.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $1.49 million during the quarter, compared to the consensus estimate of $0.89 million. Equities analysts forecast that Ocugen will post -0.25 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Shankar Musunuri sold 468,727 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $1.12, for a total value of $524,974.24. Following the sale, the chief executive officer owned 4,487,197 shares in the company, valued at approximately $5,025,660.64. This trade represents a 9.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ocugen

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Ocugen in the 2nd quarter worth $41,314,000. Hennion & Walsh Asset Management Inc. increased its position in Ocugen by 121.7% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock valued at $4,331,000 after acquiring an additional 1,553,672 shares during the last quarter. Bank of America Corp DE purchased a new stake in Ocugen during the second quarter valued at $3,046,000. Bank of New York Mellon Corp bought a new position in Ocugen in the second quarter valued at about $1,238,000. Finally, Headlands Technologies LLC lifted its holdings in Ocugen by 527.1% in the second quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock valued at $783,000 after acquiring an additional 429,997 shares during the period. 10.27% of the stock is currently owned by hedge funds and other institutional investors.

About Ocugen

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and other serious medical conditions. The company’s platform includes modifier gene therapy, which is designed to address common disease pathways and potentially treat multiple genetic disorders with a single therapeutic approach.

Ocugen’s ophthalmic pipeline includes OCU400, an investigational gene therapy being developed for certain forms of retinitis pigmentosa, as well as OCU410 and OCU410ST, which are being studied for geographic atrophy associated with age-related macular degeneration.