HC Wainwright Has Negative Outlook of Ocugen FY2024 Earnings

Ocugen, Inc. (NASDAQ:OCGN) – Equities research analysts at HC Wainwright lowered their FY2024 earnings per share (EPS) estimates for shares of Ocugen in a research note issued to investors on Monday, November 11th. HC Wainwright analyst S. Ramakanth now anticipates that the company will post earnings of ($0.18) per share for the year, down from their previous forecast of ($0.17). HC Wainwright has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Ocugen’s current full-year earnings is ($0.20) per share. HC Wainwright also issued estimates for Ocugen’s Q4 2024 earnings at ($0.05) EPS and FY2025 earnings at ($0.20) EPS.

Other research analysts have also recently issued research reports about the company. Chardan Capital reaffirmed a “buy” rating and issued a $6.00 price target on shares of Ocugen in a report on Friday, November 8th. Maxim Group initiated coverage on Ocugen in a report on Tuesday, October 15th. They set a “buy” rating and a $4.00 price objective for the company.

Ocugen Trading Down 6.1 %

Shares of NASDAQ:OCGN opened at $0.96 on Thursday. Ocugen has a 12 month low of $0.35 and a 12 month high of $2.11. The company has a debt-to-equity ratio of 0.09, a current ratio of 1.04 and a quick ratio of 1.04. The stock’s 50 day moving average price is $1.02 and its 200 day moving average price is $1.35.

Hedge Funds Weigh In On Ocugen

Institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its stake in shares of Ocugen by 2,760.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company’s stock valued at $1,165,000 after buying an additional 725,536 shares during the period. Daiwa Securities Group Inc. bought a new stake in Ocugen in the second quarter valued at about $67,000. State Board of Administration of Florida Retirement System acquired a new position in Ocugen in the first quarter valued at about $132,000. Profund Advisors LLC bought a new position in Ocugen during the second quarter worth about $227,000. Finally, Tidal Investments LLC acquired a new position in shares of Ocugen during the 1st quarter worth about $108,000. 10.27% of the stock is owned by institutional investors.

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.