Ocugen (NASDAQ:OCGN) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Ocugen (NASDAQ:OCGN) from a hold rating to a sell rating in a report issued on Wednesday morning, Zacks.com reports.

According to Zacks, “Ocugen Inc. is a clinical stage biopharmaceutical company. It is focused on discovering, developing and commercializing therapies which address rare and underserved eye diseases. The company’s product pipeline consists of OCU400, OCU300, OCU100 and OCU200 which are in clinical stage. Ocugen Inc., formerly known as Histogenics Cp, is based in Malvern, Pennsylvania. “

Several other equities research analysts have also recently issued reports on OCGN. Noble Financial reissued a buy rating and issued a $15.00 target price on shares of Ocugen in a research report on Monday, November 8th. Roth Capital reiterated a hold rating and set a $6.00 price objective on shares of Ocugen in a research note on Tuesday, November 2nd. Finally, Cantor Fitzgerald restated a neutral rating and issued a $4.00 price target on shares of Ocugen in a research note on Tuesday, November 2nd. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of Hold and a consensus price target of $8.17.

Shares of OCGN opened at $4.25 on Wednesday. The company has a current ratio of 18.21, a quick ratio of 18.21 and a debt-to-equity ratio of 0.02. The company has a 50-day simple moving average of $5.93 and a 200-day simple moving average of $7.22. Ocugen has a 52-week low of $1.40 and a 52-week high of $18.77.

Ocugen (NASDAQ:OCGN) last posted its earnings results on Tuesday, November 9th. The company reported ($0.05) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.04) by ($0.01). During the same quarter in the previous year, the firm posted ($0.07) EPS. As a group, research analysts anticipate that Ocugen will post -0.29 EPS for the current year.

In other Ocugen news, CFO Sanjay Subramanian sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 26th. The stock was sold at an average price of $11.07, for a total transaction of $110,700.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Uday Kompella sold 200,000 shares of the company’s stock in a transaction that occurred on Monday, October 18th. The stock was sold at an average price of $8.41, for a total value of $1,682,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 778,769 shares of company stock worth $8,341,151. Corporate insiders own 3.65% of the company’s stock.

Hedge funds have recently modified their holdings of the company. Moors & Cabot Inc. acquired a new position in Ocugen during the third quarter worth $26,000. Kings Point Capital Management bought a new stake in shares of Ocugen during the third quarter worth $31,000. Meeder Asset Management Inc. bought a new stake in shares of Ocugen during the third quarter worth $32,000. Advisor Group Holdings Inc. grew its holdings in shares of Ocugen by 50.7% during the second quarter. Advisor Group Holdings Inc. now owns 4,731 shares of the company’s stock worth $38,000 after purchasing an additional 1,592 shares during the last quarter. Finally, Macquarie Group Ltd. bought a new stake in shares of Ocugen during the second quarter worth $55,000. Institutional investors own 27.65% of the company’s stock.

About Ocugen

Ocugen, Inc is a biopharmaceutical company, which engages in the development and commercialization of therapies to cure eye diseases. Its product pipeline candidates include OCU400, OCU410, OCU200, and COVAXIN. The firm’s modifier gene therapy platform is engaged in addressing retinal diseases, including retinitis pigmentosa, leber congenital amaurosis, and dry age-related macular degeneration.

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