Chardan Capital Issues Positive Forecast for Ocugen (NASDAQ:OCGN) Stock Price

Ocugen (NASDAQ:OCGN) had its price target lifted by research analysts at Chardan Capital from $6.00 to $7.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the stock.

Separately, HC Wainwright reaffirmed a “buy” rating and issued a $8.00 price objective on shares of Ocugen in a research report on Thursday.

Ocugen Stock Performance

Ocugen stock opened at $0.57 on Thursday. The firm has a market capitalization of $167.07 million, a P/E ratio of -3.19 and a beta of 3.88. Ocugen has a 52 week low of $0.55 and a 52 week high of $2.11. The stock has a fifty day moving average price of $0.73 and a 200 day moving average price of $0.91. 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 (NASDAQ:OCGN) last issued its quarterly earnings data on Wednesday, March 5th. The company reported ($0.05) EPS for the quarter, meeting analysts’ consensus estimates of ($0.05). Ocugen had a negative return on equity of 154.75% and a negative net margin of 532.51%. The business had revenue of $0.76 million for the quarter, compared to analyst estimates of $0.30 million. During the same quarter in the prior year, the firm posted ($0.03) EPS. Equities research analysts anticipate that Ocugen will post -0.2 earnings per share for the current year.

Institutional Trading of Ocugen

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OCGN. State Street Corp boosted its stake in Ocugen by 7.1% during the third quarter. State Street Corp now owns 15,824,517 shares of the company’s stock valued at $15,701,000 after buying an additional 1,047,896 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Ocugen by 4.9% in the 4th quarter. Geode Capital Management LLC now owns 6,588,407 shares of the company’s stock valued at $5,305,000 after acquiring an additional 309,853 shares during the period. Northern Trust Corp lifted its position in shares of Ocugen by 10.4% during the 4th quarter. Northern Trust Corp now owns 2,407,137 shares of the company’s stock valued at $1,938,000 after acquiring an additional 227,150 shares during the period. Renaissance Technologies LLC bought a new position in shares of Ocugen during the fourth quarter valued at $1,681,000. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Ocugen by 12.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 860,244 shares of the company’s stock valued at $692,000 after acquiring an additional 93,288 shares in the last quarter. Hedge funds and other institutional investors 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.