OCGN - Why Is Ocugen (OCGN) Stock Climbing Higher Today?
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Ocugen (NASDAQ:OCGN) stock is gaining on Tuesday after Mizuho Securities analysts initiated coverage of the medical company’s shares.
That coverage starts with a “buy” rating for OCGN stock. For the record, that matches the current analysts’ consensus for the company’s shares. That comes from five “buy” ratings and a single “sell” rating.
Adding to the positive news for OCGN stock is a price target of $5 per share. That’s a bullish rating compared to the stock’s closing price of $2.34 on Monday. For comparison, the analysts’ consensus price target for OCGN is $7.
Why the Bull Stance on OCGN Stock?
Mizuho Securities analysts have a couple of reasons for the positive take on OCGN. Here’s what was said in a note to investors obtained by Seeking Alpha.
“While the lead asset COVAXIN (a COVID-19 vaccine) offers potential near-term cash flow to help offset operational costs, we belive the more significant value driver is OCU400.
What is OCU400? This is a gene therapy candidate in the development to treat patients suffering from retinitis pigmentosa. That treatment is currently undergoing Phase 1/2 clinical trials. Data from those trials are expected in the first half of 2023.
OCGN stock is up 7.7% as of Tuesday morning but is still down 46.8% since the start of the year.
Investors looking for more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the hottest stock market news traders need to know about for Tuesday! That includes new Intel (NASDAQ:INTC) chip factory plans, Bill Ackman selling his stake in Domino’s Pizza (NYSE:DPZ), as well as Aerie Pharmaceuticals (NASDAQ:AERI) stock rising on an acquisition deal. You can get all of the details on these matters at the following links!
More Tuesday Stock Market News
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- Why Is Aerie Pharmaceuticals (AERI) Stock Up 35% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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