Ocugen (NASDAQ:OCGN – Get Free Report) had its target price cut by equities researchers at Canaccord Genuity Group from $12.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock.
OCGN has been the subject of several other reports. HC Wainwright upped their target price on Ocugen from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. Oppenheimer started coverage on Ocugen in a research note on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 target price for the company. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a research note on Wednesday, March 25th. Weiss Ratings lowered Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, May 18th. Finally, Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $9.50.
View Our Latest Report on Ocugen
Ocugen Price Performance
Ocugen (NASDAQ:OCGN – Get Free Report) last issued its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 127,987.80%. The company had revenue of $1.53 million during the quarter, compared to analysts’ expectations of $0.42 million. As a group, equities research analysts forecast that Ocugen will post -0.22 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Ocugen
Several institutional investors and hedge funds have recently added to or reduced their stakes in OCGN. Creative Planning acquired a new stake in Ocugen during the second quarter worth about $57,000. XTX Topco Ltd acquired a new stake in Ocugen during the second quarter worth about $203,000. Jump Financial LLC acquired a new stake in Ocugen during the second quarter worth about $57,000. Qube Research & Technologies Ltd acquired a new stake in Ocugen during the second quarter worth about $188,000. Finally, NewEdge Advisors LLC increased its stake in Ocugen by 198.0% during the second quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock worth $36,000 after acquiring an additional 24,460 shares during the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.
About Ocugen
Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.
In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.
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