HC Wainwright Reaffirms “Buy” Rating for Ocugen (NASDAQ:OCGN)

Ocugen (NASDAQ:OCGN)‘s stock had its “buy” rating reiterated by research analysts at HC Wainwright in a research note issued on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock.

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

Ocugen Price Performance

Shares of NASDAQ:OCGN opened at $0.57 on Thursday. The business has a fifty day simple moving average of $0.73 and a 200-day simple moving average of $0.91. Ocugen has a 52 week low of $0.55 and a 52 week high of $2.11. The company has a market cap of $167.07 million, a P/E ratio of -3.19 and a beta of 3.88. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.04.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings results on Wednesday, March 5th. The company reported ($0.05) EPS for the quarter, meeting the consensus estimate of ($0.05). The company had revenue of $0.76 million during the quarter, compared to analysts’ expectations 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 quarter in the previous year, the business earned ($0.03) EPS. Equities research analysts forecast that Ocugen will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Ocugen

Hedge funds and other institutional investors have recently made changes to their positions in the business. BNP Paribas Financial Markets acquired a new stake in Ocugen in the 4th quarter valued at $30,000. Ameriprise Financial Inc. acquired a new stake in shares of Ocugen in the fourth quarter valued at about $30,000. Virtu Financial LLC acquired a new stake in shares of Ocugen in the fourth quarter valued at about $32,000. Tower Research Capital LLC TRC raised its holdings in shares of Ocugen by 309.6% during the 4th quarter. Tower Research Capital LLC TRC now owns 39,848 shares of the company’s stock valued at $32,000 after buying an additional 30,120 shares during the period. Finally, SBI Securities Co. Ltd. acquired a new position in Ocugen during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds own 10.27% of the company’s stock.

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.