Chardan Capital Thinks Ocugen’s Stock is Going to Recover

By Austin Angelo

Chardan Capital analyst Keay Nakae reiterated a Buy rating on Ocugen (OCGNResearch Report) yesterday and set a price target of $2.00. The company’s shares closed last Friday at $0.30, close to its 52-week low of $0.24.

According to TipRanks.com, Nakae is a 4-star analyst with an average return of 7.1% and a 47.3% success rate. Nakae covers the Healthcare sector, focusing on stocks such as Arrowhead Pharmaceuticals, Lineage Cell Therapeutics, and Emergent Biosolutions.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Ocugen with a $1.63 average price target, implying a 439.0% upside from current levels. In a report issued on May 11, H.C. Wainwright also reiterated a Buy rating on the stock with a $1.25 price target.

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Based on Ocugen’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $3.94 million. In comparison, last year the company had a GAAP net loss of $9.42 million.

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Ocugen, Inc. engages in the development and commercialization of therapies for eye diseases. Its pipeline of therapies includes OCU400, OCU410, OCU200, OCU100, and OCU300. The company was founded by Shankar Musunuri and Uday Kompella in 2013 and is headquartered in Malvern, PA.