Chardan Capital Reaffirms Buy Rating for Ocugen (OCGN)

On Thursday, Chardan Capital issued a report reaffirming a "buy" rating on Ocugen (NASDAQ: OCGN) with a target price set at $6.00. This sentiment indicates confidence in the company's potential for growth and future performance in the market.

Additionally, HC Wainwright has increased its target price for Ocugen from $7.00 to $8.00, also rating the stock as a "buy." Such optimism from analysts could suggest a strong outlook for the company moving forward.

Ocugen's Stock Performance Overview

As of Thursday, Ocugen's shares opened at $0.66. The company's quick ratio stands at 2.58, reflecting its ability to meet short-term obligations. The current ratio mirrors the quick ratio at 2.58, while the debt-to-equity ratio is very low at 0.04, implying a solid financial structure. Over the past 50 days, the moving average price is approximately $0.78, whereas the 200-day moving average sits at $0.98. Currently, Ocugen boasts a market capitalization of $192.27 million, and reports a negative PE ratio of -3.67, with a beta value of 3.82. The shares have fluctuated between a low of $0.57 and a high of $2.11 over the past twelve months.

Trading Activity by Institutional Investors

Recently, several institutional investors have adjusted their positions in Ocugen. For instance, Virtu Financial LLC acquired a new stake valued at nearly $32,000 in the fourth quarter, and SBI Securities Co. Ltd. invested approximately $40,000 during the same period. Additionally, SG Americas Securities LLC purchased shares worth $87,000 in the third quarter. MetLife Investment Management LLC increased its holdings by 36.4%, adding 23,877 shares, thus owning a total of 89,508 shares valued at $89,000. Lastly, NorthCrest Asset Management LLC also entered a new position in Ocugen with an investment of $90,000. The accumulation of shares by institutional investors brings their ownership stake to 10.27% in the company.

About Ocugen

Ocugen, Inc. is a biotechnology company focused on the discovery, development, and commercialization of innovative gene and cell therapies, as well as vaccines aimed at enhancing patient health. Among its pipeline products is OCU400, a gene therapy candidate intended to restore the integrity and function of the retina for various inherited retinal diseases. This product is currently undergoing Phase 3 trials for treating retinitis pigmentosa and Phase 1/2 trials for leber congenital amaurosis. Additionally, OCU410, another gene therapy, is in Phase 1/2 trials for addressing dry age-related macular degeneration (AMD), while OCU410ST targets Stargardt disease in similar trials.

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