Ocugen: Promising OCU410 Phase 2 Efficacy, Strengthened Balance Sheet, and Large GA Market Opportunity Support Buy Rating

Michael Okunewitch, an analyst from Maxim Group, maintained the Buy rating on Ocugen. The associated price target remains the same with $8.00.

Michael Okunewitch has given his Buy rating due to a combination of factors related to both clinical progress and financial positioning. He highlights that interim Phase 2 results for OCU410 in geographic atrophy show a substantial slowdown in lesion expansion over 12 months compared with placebo, with a statistically robust benefit and particularly strong effects at the medium dose and in patients with larger baseline lesions. He also points to supportive Phase 1 biomarker data showing a marked reduction in ellipsoid zone loss, an anatomical measure closely tied to visual function and increasingly central to regulatory decision-making in macular degeneration. In his view, these results suggest OCU410 may deliver superior efficacy relative to currently approved complement-based therapies, which offer a more modest slowing of disease progression and require frequent injections.

Okunewitch further notes that the geographic atrophy market is large, with over one million patients in the U.S., implying meaningful commercial upside if OCU410 advances successfully into and through Phase 3, which is anticipated to begin in 2026. He also emphasizes the recent $22.5 million capital raise, combined with Ocugen’s existing cash, as extending the company’s runway into late 2026, likely covering the start of pivotal development and reducing near-term financing risk. Taken together, the compelling efficacy signals, favorable biomarker data, differentiated mechanism targeting multiple disease pathways, sizable addressable market, and improved balance sheet underpin his conviction that the stock offers attractive upside potential at current levels, justifying a Buy recommendation.

In another report released yesterday, TipRanks – Google also reiterated a Buy rating on the stock with a $1.50 price target.