Ocugen (NASDAQ:OCGN) Price Target Raised to $7.00 at Chardan Capital

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

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

Ocugen Stock Performance

NASDAQ:OCGN opened at $0.57 on Thursday. The company has a debt-to-equity ratio of 0.04, a current ratio of 2.58 and a quick ratio of 2.58. The firm’s fifty day moving average price is $0.73 and its 200 day moving average price is $0.91. Ocugen has a 1-year low of $0.55 and a 1-year high of $2.11. The firm has a market cap of $167.07 million, a price-to-earnings ratio of -3.19 and a beta of 3.88.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings data on Wednesday, March 5th. The company reported ($0.05) earnings per share for the quarter, hitting the consensus estimate 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 during the quarter, compared to analyst estimates of $0.30 million. During the same period last year, the company posted ($0.03) EPS. On average, sell-side analysts expect that Ocugen will post -0.2 EPS for the current year.

Institutional Investors Weigh In On Ocugen

Several large investors have recently made changes to their positions in OCGN. ProShare Advisors LLC increased its holdings in shares of Ocugen by 66.7% in the 4th quarter. ProShare Advisors LLC now owns 80,613 shares of the company’s stock valued at $65,000 after purchasing an additional 32,262 shares during the period. Millennium Management LLC bought a new stake in shares of Ocugen in the fourth quarter valued at approximately $138,000. BNP Paribas Financial Markets acquired a new stake in Ocugen during the 4th quarter worth approximately $30,000. Ameriprise Financial Inc. acquired a new stake in shares of Ocugen in the 4th quarter valued at about $30,000. Finally, Jane Street Group LLC grew its position in Ocugen by 258.8% during the fourth quarter. Jane Street Group LLC now owns 496,177 shares of the company’s stock valued at $399,000 after buying an additional 357,891 shares during the period. 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.