HC Wainwright Has Negative Outlook of Ocugen FY2024 Earnings

Ocugen, Inc. (NASDAQ:OCGN) – Equities researchers at HC Wainwright decreased their FY2024 earnings per share (EPS) estimates for Ocugen in a note issued to investors on Monday, November 11th. HC Wainwright analyst S. Ramakanth now forecasts that the company will earn ($0.18) per share for the year, down from their prior estimate of ($0.17). HC Wainwright has a “Buy” rating and a $7.00 price target 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.

A number of other research analysts have also recently weighed in on the stock. Maxim Group started coverage on shares of Ocugen in a report on Tuesday, October 15th. They issued a “buy” rating and a $4.00 price objective for the company. Chardan Capital reaffirmed a “buy” rating and set a $6.00 price objective on shares of Ocugen in a research report on Friday, November 8th.

Ocugen Stock Performance

NASDAQ OCGN opened at $0.96 on Thursday. 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 is $1.02 and its two-hundred day moving average is $1.35. Ocugen has a 12 month low of $0.35 and a 12 month high of $2.11.

Hedge Funds Weigh In On Ocugen

Large investors have recently made changes to their positions in the stock. Headlands Technologies LLC purchased a new stake in shares of Ocugen in the first quarter valued at $66,000. State Board of Administration of Florida Retirement System acquired a new position in shares of Ocugen during the 1st quarter valued at $132,000. Tidal Investments LLC purchased a new stake in Ocugen during the 1st quarter worth $108,000. Baader Bank Aktiengesellschaft purchased a new stake in shares of Ocugen during the 2nd quarter valued at about $35,000. Finally, Bank of New York Mellon Corp lifted its position in Ocugen by 2,760.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 751,819 shares of the company’s stock worth $1,165,000 after acquiring an additional 725,536 shares in the last quarter. Hedge funds and other institutional investors 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.