Ocugen (NASDAQ:OCGN) Upgraded 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 sent to investors on Saturday morning,Wall Street Zen reports.

Separately, Weiss Ratings upgraded Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Ocugen Price Performance

OCGN stock opened at $1.04 on Friday. The company has a debt-to-equity ratio of 4.17, a current ratio of 0.80 and a quick ratio of 0.80. Ocugen has a 1 year low of $0.97 and a 1 year high of $2.73. The firm has a 50-day moving average of $1.22 and a 200 day moving average of $1.42. The company has a market cap of $352.67 million, a P/E ratio of -4.00 and a beta of 2.27.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The business had revenue of $1.49 million during the quarter, compared to analyst estimates of $0.89 million. On average, sell-side analysts forecast that Ocugen will post -0.25 EPS for the current year.

Insider Activity

In related news, CEO Shankar Musunuri sold 468,727 shares of Ocugen stock in a transaction dated Wednesday, September 9th. The shares were sold at an average price of $1.12, for a total transaction of $524,974.24. Following the completion of the transaction, the chief executive officer directly owned 4,487,197 shares of the company’s stock, valued at $5,025,660.64. This trade represents a 9.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.95% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ocugen

Several hedge funds have recently bought and sold shares of the business. Bank of America Corp DE bought a new position in shares of Ocugen during the second quarter valued at approximately $3,046,000. Hennion & Walsh Asset Management Inc. grew its stake in shares of Ocugen by 121.7% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company’s stock worth $4,331,000 after buying an additional 1,553,672 shares during the last quarter. BlackRock Inc. purchased a new stake in shares of Ocugen in the 2nd quarter worth approximately $41,314,000. Headlands Technologies LLC increased its position in Ocugen by 527.1% during the 2nd quarter. Headlands Technologies LLC now owns 511,575 shares of the company’s stock valued at $783,000 after buying an additional 429,997 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Ocugen during the 2nd quarter valued at approximately $1,238,000. Institutional investors own 10.27% of the company’s stock.

About Ocugen

Ocugen, Inc (NASDAQ: OCGN) is a biotechnology company focused on developing gene and cell therapies for blindness diseases and other serious medical conditions. The company’s platform includes modifier gene therapy, which is designed to address common disease pathways and potentially treat multiple genetic disorders with a single therapeutic approach.

Ocugen’s ophthalmic pipeline includes OCU400, an investigational gene therapy being developed for certain forms of retinitis pigmentosa, as well as OCU410 and OCU410ST, which are being studied for geographic atrophy associated with age-related macular degeneration.