Maxim Group analyst Michael Okunewitch maintained a Buy rating on Ocugen (OCGN – Research Report) yesterday and set a price target of $4.00.
Michael Okunewitch has given his Buy rating due to a combination of factors including the promising progress of Ocugen’s OCU410 ArMaDa study. The completion of dosing in the Phase 2 portion of the study and the encouraging 9-month data from the Phase 1 part indicate potential effectiveness in treating geographic atrophy, a condition with a significant patient population.
OCU410 targets multiple pathways involved in dry age-related macular degeneration, which could offer enhanced efficacy over current treatments that focus on a single pathway. The potential for OCU410 to support a relatively small pivotal program if Phase 2 results are consistent with Phase 1, along with the high activity in the geographic atrophy treatment space, contributes to the significant upside potential. These elements combined suggest a strong future outlook for Ocugen, justifying the Buy rating.
In another report released yesterday, Noble Financial also maintained a Buy rating on the stock with a $8.00 price target.