Ocugen (NASDAQ:OCGN) Now Covered by Analysts at Maxim Group

Maxim Group started coverage on shares of Ocugen (NASDAQ:OCGN) in a report published on Tuesday morning, MarketBeat Ratings reports. The firm issued a buy rating and a $4.00 price objective on the stock.

Ocugen Stock Performance

Shares of Ocugen stock opened at $0.95 on Tuesday. The stock has a 50 day moving average of $1.15 and a 200 day moving average of $1.43. The company has a debt-to-equity ratio of 0.09, a quick ratio of 1.04 and a current ratio of 1.04. The firm has a market capitalization of $243.74 million, a price-to-earnings ratio of -3.79 and a beta of 3.70. Ocugen has a fifty-two week low of $0.35 and a fifty-two week high of $2.11.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.04) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The business had revenue of $1.14 million for the quarter. During the same period in the previous year, the company posted ($0.10) EPS. As a group, research analysts predict that Ocugen will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Ocugen

Large investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its holdings in Ocugen by 2,760.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company’s stock valued at $1,165,000 after purchasing an additional 725,536 shares during the last quarter. Rhumbline Advisers raised its holdings in shares of Ocugen by 3,040.0% in the 2nd quarter. Rhumbline Advisers now owns 301,218 shares of the company’s stock valued at $467,000 after buying an additional 291,625 shares during the period. Profund Advisors LLC acquired a new position in Ocugen during the 2nd quarter worth about $227,000. The Manufacturers Life Insurance Company purchased a new position in Ocugen during the 2nd quarter valued at about $166,000. Finally, SG Americas Securities LLC acquired a new position in Ocugen in the 3rd quarter valued at about $87,000. 10.27% of the stock is currently owned by institutional investors and hedge funds.

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.