Ocugen (NASDAQ:OCGN) Stock Rating Raised to “Hold” at Wall Street Zen

Wall Street Zen upgraded shares of Ocugen (NASDAQ:OCGN) from a sell rating to a hold rating in a research report report published on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings raised shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $9.50.

Ocugen Price Performance

Shares of NASDAQ:OCGN opened at $0.93 on Friday. The company has a market capitalization of $313.86 million, a P/E ratio of -4.62 and a beta of 2.04. Ocugen has a 1-year low of $0.69 and a 1-year high of $2.73. The firm’s 50 day simple moving average is $0.98 and its two-hundred day simple moving average is $1.41. The company has a debt-to-equity ratio of 4.17, a current ratio of 0.77 and a quick ratio of 0.80.

Ocugen (NASDAQ:OCGN) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.02). The firm had revenue of $1.49 million for the quarter, compared to analysts’ expectations of $0.89 million. Research analysts expect that Ocugen will post -0.23 EPS for the current fiscal year.

Insider Transactions at Ocugen

In related news, CEO Shankar Musunuri sold 57,264 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 $54,400.80. Following the transaction, the chief executive officer directly owned 1,030,771 shares of the company’s stock, valued at approximately $979,232.45. The trade was a 5.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 1,051,982 shares of company stock worth $1,088,801. 3.95% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Ocugen

Institutional investors have recently added to or reduced their stakes in the stock. Cora Capital Advisors LLC lifted its holdings in shares of Ocugen by 31.7% in the third quarter. Cora Capital Advisors LLC now owns 117,520 shares of the company’s stock worth $121,000 after buying an additional 28,300 shares in the last quarter. Engineers Gate Manager LP boosted its position in shares of Ocugen by 70.2% during the second quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock worth $28,000 after acquiring an additional 7,577 shares during the last quarter. NewEdge Advisors LLC grew its stake in Ocugen by 42.4% during the second quarter. NewEdge Advisors LLC now owns 237,180 shares of the company’s stock valued at $363,000 after acquiring an additional 70,585 shares in the last quarter. AXQ Capital LP purchased a new position in Ocugen during the second quarter valued at $65,000. Finally, Headlands Technologies LLC increased its holdings in Ocugen by 527.1% in the 2nd quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock valued at $783,000 after acquiring an additional 429,997 shares during the last quarter. 10.27% of the stock is owned by hedge funds and other institutional investors.

About Ocugen

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.