- Shares of Ocugen Inc (NASDAQ: OCGN) received a price target of $4.50 from Cantor Fitzgerald. These are the details.
Shares of Ocugen Inc (NASDAQ: OCGN) received a price target of $4.50 from Cantor Fitzgerald. And Cantor Fitzgerald analyst Jennifer Kim kicked off Ocugen’s coverage with an “overweight” rating.
Kim adjusted the rating while noting that the US trading opportunity for COVAXIN is understated in anticipation of potentially improved visibility in the short to medium term. And Kim believes Ocugen’s lead modifier gene therapy candidate, OCU400, could seize significant market opportunities in retinal diseases associated with genetic mutations.
“We arrive at our price target using discounted cash flow (DCF) analysis. Ocugen is a clinical-stage biotechnology company focused on the development of novel gene and cell therapies, biologics and vaccines. We believe the maximum sales potential for COVAXIN and Ocugen’s gene-modifying therapy pipeline is underestimated, and we expect upward revisions to earnings estimates to push Ocugen’s stock higher. Key objectives include: 1) visibility and timely progress on the U.S. development of COVAXIN (COVID-19 vaccine), 2) clinical updates from the Phase 1/2 trial for OCU400 (modifying gene therapy for hereditary retinal diseases [IRDs]), starting in 3Q22, and 4) early-stage pipeline advancement (OCU410, OCU200),” Kim wrote in a research note. “We note that as of 03/31/22, Ocugen had $129.9 million in cash, cash equivalents and restricted cash on hand, which will not meet the Company’s capital requirements over the next 12 months, as shown in Ocugen’s 1Q22 10-Q file. .”
This price target also contemplates an increase in the first quarter of 2023, which should help the company achieve some key milestones.
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