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

Ocugen, Inc. (NASDAQ:OCGN) has earned an average rating of “Moderate Buy” from the five brokerages that are currently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation and four have issued a buy recommendation on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $9.50.

A number of research firms have commented on OCGN. Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research note on Saturday, October 24th. Weiss Ratings upgraded shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th.

Insider Buying and Selling at Ocugen

In other news, CEO Shankar Musunuri sold 468,727 shares of the business’s stock in a transaction that occurred on Friday, October 9th. The stock was sold at an average price of $0.95, for a total value of $445,290.65. Following the completion of the sale, the chief executive officer directly owned 4,018,470 shares in the company, valued at $3,817,546.50. The trade was a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 1,051,982 shares of company stock worth $1,088,801. 3.95% of the stock is owned by insiders.

Hedge Funds Weigh In On Ocugen

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

Ocugen Price Performance

Shares of Ocugen stock opened at $0.75 on Wednesday. Ocugen has a 1 year low of $0.69 and a 1 year high of $2.73. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17. The firm’s 50-day moving average is $1.01 and its two-hundred day moving average is $1.42.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The company had revenue of $1.49 million for the quarter, compared to the consensus estimate of $0.89 million. As a group, sell-side analysts anticipate that Ocugen will post -0.25 EPS for the current fiscal year.

Ocugen Company Profile

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and vaccines for infectious diseases. The company’s programs are designed to address serious conditions with limited treatment options, including inherited retinal diseases and diseases affecting the central retina.

Ocugen’s pipeline includes modifier gene therapy candidates intended to treat multiple retinal disorders with a single therapeutic approach. Its lead programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease.