Ocugen (OCGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Swayampakula Ramakanth from H.C. Wainwright remains neutral on the stock and has a $5.00 price target.
Swayampakula Ramakanth bestowed a ‘Buy’ rating on Ocugen’s stock, underpinned by a multitude of factors. Firstly, the company’s financial position appears robust, with about $53.5 million reported in cash and cash equivalents at the end of the third quarter of 2023. This is believed to be sufficient to fund the company’s operations into early 2024. Additionally, the company reported a net loss of $0.06 per share for 3Q23, which was better than the consensus estimated net loss of $0.07 per share.
Another major factor influencing the positive rating is the steady progression of Ocugen’s pipeline. The company has displayed confidence in its ongoing Phase 1/2 OCU400 study and is preparing to initiate a Phase 3 program. The company has also started the Phase 1/2 trials for evaluating OCU410 and OCU410ST, following FDA clearance received in 2Q23. Moreover, Ocugen has submitted an IND to the FDA for initiating a Phase 1 study to evaluate OCU200, its novel biologic candidate. The final valuation of the company, derived from a risk-adjusted net present value analysis of projected future revenues from OCU400, and OCU200, also contributed to the ‘Buy’ rating.
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Ocugen (OCGN) Company Description:
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.
Read More on OCGN:
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