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On Tuesday, H.C. Wainwright adjusted its price target on shares of Ocugen, Inc. (NASDAQ:OCGN) to $7.00, down from the previous target of $8.00. Despite the reduction, the firm maintained a Buy rating on the biopharmaceutical company’s stock, which currently trades at $0.70 with a market capitalization of $204 million. According to InvestingPro data, the stock has shown significant volatility with a beta of 4.23. The revised valuation follows Ocugen’s announcement of its first-quarter financial results for 2025 on May 9, alongside a corporate update.
Ocugen is currently progressing with its 150-patient Phase 3 liMeliGhT study, which is focused on OCU400, a modifier gene therapy designed for the treatment of retinitis pigmentosa (RP). While InvestingPro analysis shows the company is quickly burning through cash with an EBITDA of -$54.3 million, its current ratio of 2.6 indicates sufficient liquidity to meet short-term obligations. The company has stated that it is on schedule to submit a US Biologics License Application (BLA) and an EU Marketing Authorization Application (MAA) in 2026. This timeline is supported by the positive two-year efficacy data from the ongoing Phase 1/2 study, which showed that all evaluable patients experienced either improvement or preservation of visual function.
The significance of Ocugen’s therapy was further highlighted by a recent development in the RP treatment market. On May 2, Johnson & Johnson announced that its gene therapy, bota-vec, did not meet the primary endpoint in the Phase 3 LUMEOS study for X-linked retinitis pigmentosa (XLRP). In contrast to bota-vec, Ocugen’s OCU400 is not limited to a single gene, which could potentially offer a broader application for RP treatment.
H.C. Wainwright’s analyst noted the potential of OCU400, emphasizing its gene-agnostic approach as a strength compared to single-gene therapies. The firm reasserted its Buy rating for Ocugen stock, albeit with a slightly lower price target. Investors are also anticipating the three-year efficacy data from the Phase 1/2 OCU400 study, expected to be released in 2026. Overall analyst consensus remains bullish, with price targets ranging from $4 to $8. For deeper insights into Ocugen’s financial health, valuation metrics, and additional ProTips, access the comprehensive research report available on InvestingPro.
In other recent news, Ocugen, Inc. reported its first-quarter 2025 earnings, showing a net loss of $15.3 million, or $0.05 per share, which was slightly better than the forecasted loss of $0.06 per share. The company also disclosed a revenue of $1.48 million for the quarter. Despite increased research and development expenses, Ocugen managed to narrow its loss, a positive sign for investors. The company is advancing three gene therapy programs, with significant milestones expected in 2025 and beyond. Ocugen plans to submit a Biologics License Application for its OCU400 program by 2026. Analysts noted the company’s progress in its gene therapy pipeline, highlighting the upcoming Phase III Limelight study for OCU400 and the completion of OCU200’s Phase I clinical trial. Ocugen’s forward guidance remains focused on these gene therapy programs, which target conditions with significant unmet medical needs. The company is also engaged in discussions with the European Medicines Agency regarding clinical trial designs, indicating a proactive approach to regulatory challenges.
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