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

Ocugen (NASDAQ:OCGN) had its price target lowered by HC Wainwright from $8.00 to $7.00 in a report issued on Monday,Benzinga reports. The firm currently has a buy rating on the stock.

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

Ocugen Stock Performance

Shares of OCGN stock opened at $0.69 on Monday. The company has a market capitalization of $202.84 million, a P/E ratio of -3.86 and a beta of 4.21. The business’s 50 day moving average is $0.67 and its two-hundred day moving average is $0.76. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.04. Ocugen has a 12-month low of $0.52 and a 12-month high of $2.06.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings results on Friday, May 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.01. The company had revenue of $1.48 million for the quarter. Ocugen had a negative return on equity of 154.75% and a negative net margin of 532.51%. Analysts expect that Ocugen will post -0.2 EPS for the current fiscal year.

Hedge Funds Weigh In On Ocugen

Several hedge funds and other institutional investors have recently made changes to their positions in OCGN. Renaissance Technologies LLC purchased a new position in shares of Ocugen in the fourth quarter valued at approximately $1,681,000. Nuveen LLC purchased a new position in shares of Ocugen in the first quarter valued at approximately $535,000. GSA Capital Partners LLP lifted its position 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 acquiring an additional 492,300 shares in the last quarter. Jane Street Group LLC lifted its position 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 acquiring an additional 357,891 shares in the last quarter. Finally, Geode Capital Management LLC lifted its position in Ocugen by 4.9% during the fourth quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company’s stock worth $5,305,000 after buying an additional 309,853 shares in the last quarter. Hedge funds and other institutional investors own 10.27% of the company’s stock.

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.