Ocugen (NASDAQ:OCGN) stock is gaining on Tuesday after Mizuho Securities analysts initiated coverage of shares.
For one, Mizuho issued a “buy” rating for OCGN stock. That rating matches the current analysts’ consensus for Ocugen as well. According to MarketBeat, the stock has five “buy” ratings and a single “hold” rating among analysts.
Adding to the positive news for OCGN stock is Mizuho’s 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 consensus price target for shares is $7 on MarketBeat.
Why the Bull Stance on OCGN Stock?
Mizuho Securities analysts have a couple of reasons for the positive take on OCGN stock. Here’s what they 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 believe the more significant value driver is OCU400.”
OCU400 is a gene therapy candidate in development to treat patients suffering from retinitis pigmentosa. The treatment is currently undergoing a Phase 1/2 clinical trial. Data from the trial is expected in the first half of 2023.
OCGN stock is up 8% as of Tuesday morning but still down more than 45% 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) and Aerie Pharmaceuticals (NASDAQ:AERI) stock rising on an acquisition deal. You can get all of the details on these matters at the following links!
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On the date of publication, William White did not hold (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.