Ocugen (NASDAQ:OCGN) Receives “Buy” Rating from HC Wainwright

HC Wainwright reaffirmed their buy rating on shares of Ocugen (NASDAQ:OCGN) in a report published on Monday morning,Benzinga reports. The brokerage currently has a $7.00 price objective on the stock.

OCGN has been the topic of several other research reports. Chardan Capital restated a “buy” rating and set a $6.00 price target on shares of Ocugen in a report on Friday. Maxim Group initiated coverage on shares of Ocugen in a report on Tuesday, October 15th. They set a “buy” rating and a $4.00 price target for the company.

Ocugen Price Performance

Shares of OCGN opened at $1.06 on Monday. The company has a market cap of $305.13 million, a P/E ratio of -5.63 and a beta of 3.75. Ocugen has a fifty-two week low of $0.35 and a fifty-two week high of $2.11. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.09. The firm’s 50 day moving average price is $1.03 and its 200 day moving average price is $1.35.

Institutional Investors Weigh In On Ocugen

Several hedge funds and other institutional investors have recently made changes to their positions in OCGN. Bank of New York Mellon Corp increased its stake in Ocugen by 2,760.5% in the second quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company’s stock valued at $1,165,000 after purchasing an additional 725,536 shares during the last quarter. Rhumbline Advisers boosted its holdings in shares of Ocugen by 3,040.0% in the 2nd quarter. Rhumbline Advisers now owns 301,218 shares of the company’s stock valued at $467,000 after buying an additional 291,625 shares in the last quarter. GSA Capital Partners LLP purchased a new position in shares of Ocugen in the 3rd quarter valued at $203,000. Profund Advisors LLC acquired a new stake in Ocugen during the 2nd quarter worth $227,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in Ocugen in the second quarter valued at $166,000. 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.