Ocugen (NASDAQ:OCGN) Given Buy Rating at HC Wainwright

Ocugen (NASDAQ:OCGN)‘s stock had its “buy” rating restated by HC Wainwright in a research report issued on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock. HC Wainwright also issued estimates for Ocugen’s FY2029 earnings at $1.15 EPS.

Separately, Chardan Capital restated a “buy” rating and issued a $6.00 price objective on shares of Ocugen in a research note on Thursday, February 13th.

Ocugen Trading Down 3.2 %

Shares of OCGN stock opened at $0.61 on Thursday. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $177.76 million, a price-to-earnings ratio of -3.39 and a beta of 3.88. Ocugen has a 52-week low of $0.55 and a 52-week high of $2.11. The company has a 50-day simple moving average of $0.73 and a two-hundred day simple moving average of $0.91.

Ocugen (NASDAQ:OCGN) last released its earnings results on Wednesday, March 5th. The company reported ($0.05) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $0.76 million during the quarter, compared to analyst estimates of $0.30 million. Ocugen had a negative return on equity of 154.75% and a negative net margin of 532.51%. During the same period in the prior year, the company posted ($0.03) earnings per share. Research analysts anticipate that Ocugen will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of OCGN. Renaissance Technologies LLC bought a new stake in shares of Ocugen in the 4th quarter worth approximately $1,681,000. State Street Corp increased its position in Ocugen by 7.1% in the third quarter. State Street Corp now owns 15,824,517 shares of the company’s stock worth $15,701,000 after buying an additional 1,047,896 shares during the last quarter. Wellington Management Group LLP bought a new stake in shares of Ocugen in the third quarter valued at $456,000. Geode Capital Management LLC lifted its position in shares of Ocugen by 6.3% during the 3rd quarter. Geode Capital Management LLC now owns 6,278,554 shares of the company’s stock valued at $6,231,000 after buying an additional 373,555 shares during the last quarter. Finally, Jane Street Group LLC grew its stake in shares of Ocugen by 258.8% during the 4th quarter. Jane Street Group LLC now owns 496,177 shares of the company’s stock worth $399,000 after acquiring an additional 357,891 shares during the period. 10.27% of the stock is owned by 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.