Brokerages Set Ocugen, Inc. (NASDAQ:OCGN) Target Price at $7.66

Ocugen, Inc. (NASDAQ:OCGN) has been given a consensus recommendation of “Hold” by the six research firms that are currently covering the stock, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $7.66.

Several research analysts recently issued reports on OCGN shares. Noble Financial started coverage on Ocugen in a research note on Monday, July 26th. They issued a “buy” rating and a $6.80 price objective on the stock. Zacks Investment Research raised Ocugen from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price on shares of Ocugen in a research report on Monday, August 9th.

In other Ocugen news, Director Ramesh Kumar sold 7,500 shares of Ocugen stock in a transaction dated Monday, July 19th. The stock was sold at an average price of $6.40, for a total transaction of $48,000.00. Following the completion of the transaction, the director now owns 7,500 shares in the company, valued at approximately $48,000. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shankar Musunuri sold 125,000 shares of Ocugen stock in a transaction dated Wednesday, September 15th. The shares were sold at an average price of $7.52, for a total value of $940,000.00. The disclosure for this sale can be found here. Insiders sold a total of 142,500 shares of company stock valued at $1,056,100 in the last 90 days. 3.65% of the stock is currently owned by company insiders.

A number of hedge funds have recently bought and sold shares of the stock. Advisor Group Holdings Inc. boosted its holdings in Ocugen by 50.7% in the 2nd quarter. Advisor Group Holdings Inc. now owns 4,731 shares of the company’s stock worth $38,000 after buying an additional 1,592 shares during the last quarter. Retirement Group LLC boosted its holdings in Ocugen by 41.8% in the 2nd quarter. Retirement Group LLC now owns 8,505 shares of the company’s stock worth $68,000 after buying an additional 2,505 shares during the last quarter. Victory Capital Management Inc. boosted its holdings in Ocugen by 13.8% in the 1st quarter. Victory Capital Management Inc. now owns 28,716 shares of the company’s stock worth $195,000 after buying an additional 3,473 shares during the last quarter. Creative Financial Designs Inc. ADV acquired a new stake in Ocugen in the 2nd quarter worth about $32,000. Finally, Squarepoint Ops LLC boosted its holdings in Ocugen by 5.5% in the 2nd quarter. Squarepoint Ops LLC now owns 118,820 shares of the company’s stock worth $954,000 after buying an additional 6,148 shares during the last quarter. Institutional investors own 28.49% of the company’s stock.

Shares of NASDAQ OCGN traded up $0.78 during midday trading on Friday, hitting $10.01. The company’s stock had a trading volume of 1,248,537 shares, compared to its average volume of 47,072,176. The company has a current ratio of 25.13, a quick ratio of 25.13 and a debt-to-equity ratio of 0.01. The business’s 50 day moving average is $7.51 and its two-hundred day moving average is $7.83. Ocugen has a 12-month low of $0.25 and a 12-month high of $18.77. The firm has a market cap of $1.99 billion, a P/E ratio of -33.42 and a beta of 4.47.

Ocugen (NASDAQ:OCGN) last announced its quarterly earnings data on Friday, August 6th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.03) by ($0.10). On average, analysts predict that Ocugen will post -0.25 earnings per share for the current fiscal year.

Ocugen Company Profile

Ocugen, Inc is a biopharmaceutical company, which engages in the development and commercialization of therapies to cure eye diseases. Its product pipeline candidates include OCU400, OCU410, OCU200, and COVAXIN. The firm’s modifier gene therapy platform is engaged in addressing retinal diseases, including retinitis pigmentosa, leber congenital amaurosis, and dry age-related macular degeneration.

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Analyst Recommendations for Ocugen (NASDAQ:OCGN)

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