Ocugen (OCGN) AI Stock Analysis

• Market Cap: $309.55M
• Dividend Yield: N/A
• Average Volume (3M): 4.58M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.56
• Revenue Growth: 86.63%
• EPS Growth: 22.29%
• Country: US
• Employees: 95
• Sector: Healthcare
• Sector Strength: 41
• Industry: Biotechnology
• EPS (TTM): -0.05
• Shares Outstanding: 292,031,280
• 10 Day Avg. Volume: 5,200,289
• 30 Day Avg. Volume: 4,577,764
• PEG Ratio: N/A
• Price to Book (P/B): 20.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.13
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 10.91
• Enterprise Value/Gross Profit: 62.95
• Enterprise Value/Ebitda: -1.38
• 1Y Price Target: $6.33
• Price Target Upside: 480.73% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 56 Neutral
• Price Target: $1.00 ▼(-8.26%Downside)

Ocugen's overall stock score reflects significant financial challenges, offset by promising technical indicators and positive strategic developments. The company's strong pipeline and recent licensing agreement add optimism, but financial stability remains a concern.

Positive Factors

Clinical Data and Trials

Positive two-year efficacy data from the ongoing Phase 1/2 study demonstrated that in 100% of evaluable patients the treatment with OCU400 achieved improvement or preservation of visual function compared to untreated eyes, indicating both efficacy and durability.

Collaborations and Partnerships

Ocugen announced the signing of a binding term sheet with an undisclosed pharmaceutical company for commercialization rights to OCU400 in retinitis pigmentosa for the Republic of Korea.

Regulatory Progress

OCU400 received Advanced Therapy Medicinal Product (ATMP) classification from the EMA which indicates a vote of confidence from the regulators and could potentially accelerate the regulatory review timeline.

Negative Factors

Financial Performance

Ocugen reported a net loss of ($13.9M) for 4Q24 and ($54.1M) for the full year, with $58.8M in cash, providing runway into 1Q26.

Market Competition

Big Pharma's interest in the DME space, evidenced by Merck's acquisition of EyeBio for its DME asset, suggests increasing interest in Ocugen's developments.

Revenue and Earnings

The company reported $1.5M of revenues, compared to consensus estimate of no revenues, and a net loss of $0.05 per share, compared to consensus estimated net loss of $0.06 per share.

Ocugen Business Overview & Revenue Model

Company Description

Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing transformative therapies to address rare and underserved eye diseases. The company operates within the healthcare sector, specifically in the fields of gene therapy, biologics, and vaccines. Ocugen's core products and services are centered around innovative treatments for ocular disorders, leveraging its proprietary technologies and partnerships to advance its pipeline of therapeutic candidates.

How the Company Makes Money

Ocugen generates revenue through a combination of strategic partnerships, licensing agreements, and potentially through the commercialization of its therapeutic products. The company's revenue model primarily relies on collaborations with other pharmaceutical companies for the co-development and distribution of its pipeline products. Revenue streams are likely to include milestone payments from partners, royalties from product sales, and licensing income. Significant partnerships, such as those for the development of vaccines or gene therapies, play a crucial role in providing the financial resources necessary to advance its research and development efforts. Additionally, Ocugen may seek government contracts or grants to support its projects in the public health domain.

Ocugen Financial Statement Overview

Summary

Ocugen faces significant financial challenges characterized by persistent losses and reliance on financing activities. The company has maintained some control over leverage, but declining equity and inconsistent revenue growth highlight the need for strategic improvements.

Income Statement

Ocugen's income statement reveals significant challenges, with consistent negative net income and EBIT over the years. The gross profit margin is positive due to minimal revenue, but the company is struggling with high operating losses. Revenue growth has been inconsistent, particularly with a decline from 2023 to 2024.

Balance Sheet

The balance sheet indicates a relatively low debt-to-equity ratio, suggesting manageable leverage. However, the equity position has declined, reducing financial stability. The equity ratio remains moderate, but the decline in stockholders' equity is concerning.

Cash Flow

Cash flow analysis shows negative operating cash flows and free cash flows, indicating difficulties in generating cash from core operations. While financing activities have supported liquidity, reliance on external funding is high, which could pose risks in the future.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
4.52M	4.05M	6.04M	2.49M	0.00	42.62K
	Gross Profit
4.52M	4.05M	5.33M	1.42M	-589.00K	36.27K
	EBIT
-57.04M	-54.76M	-65.53M	-84.87M	-58.03M	-21.28M
	EBITDA
-54.34M	-52.79M	-64.83M	-88.59M	-58.03M	-21.00M
	Net Income Common Stockholders
-57.48M	-54.05M	-63.08M	-77.83M	-58.37M	-22.62M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
26.38M	58.51M	39.46M	90.93M	94.96M	24.04M
	Total Assets
51.79M	82.44M	64.55M	108.63M	105.76M	27.38M
	Total Debt
6.83M	32.50M	6.94M	6.37M	3.31M	2.49M
	Net Debt
-19.54M	-26.01M	-32.52M	-71.19M	-91.65M	-21.55M
	Total Liabilities
21.53M	52.81M	23.98M	24.58M	9.94M	5.83M
	Stockholders Equity
30.26M	29.63M	40.56M	84.05M	95.82M	21.55M
Cash Flow		Free Cash Flow
-51.95M	-45.53M	-72.53M	-64.54M	-48.88M	-15.02M
	Operating Cash Flow
-50.90M	-42.14M	-62.05M	-60.08M	-47.94M	-14.71M
	Investing Cash Flow
-1.14M	-3.38M	3.08M	-16.97M	-1.82M	-306.82K
	Financing Cash Flow
63.76M	64.86M	20.88M	59.48M	120.68M	31.61M

Ocugen Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.09
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For OCGN, the sentiment is Positive. The current price of 1.09 is above the 20-day moving average (MA) of 0.87, above the 50-day MA of 0.76, and above the 200-day MA of 0.85, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 77.59 is Negative, neither overbought nor oversold. The STOCH value of 80.30 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for OCGN.

Ocugen Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
OCGN	56 Neutral	$309.55M	―	-248.97%	―	86.63%	22.29%
FHTX	54 Neutral	$248.61M	―	322.49%	―	-30.66%	36.48%
Sector *	54 Neutral	$5.31B	3.26	-45.10%	2.79%	16.76%	0.02%
CDTX	48 Neutral	$327.10M	―	-299.58%	―	-99.35%	-260.33%
ENGN	42 Neutral	$193.05M	―	-44.21%	―	―	―
CRVS	41 Neutral	$301.52M	―	-100.13%	―	―	-71.53%
TVGN	33 Underperform	$262.97M	―	-124.74%	―	―	-20.39%

Ocugen Corporate Events

Ocugen Signs License Agreement for OCU400 in Korea

On June 5, 2025, Ocugen, Inc. held its 2025 Annual Meeting of Stockholders virtually, where key proposals were voted on, including the election of directors and the ratification of an independent public accountant. Additionally, Ocugen announced the signing of a binding term sheet for the license of its OCU400 modifier gene therapy for retinitis pigmentosa in Korea, which includes upfront fees, development milestones, and sales royalties. This agreement aligns with Ocugen’s strategy to partner with established companies to expand its reach in treating retinitis pigmentosa patients and is expected to enhance its market presence in Korea.

The most recent analyst rating on (OCGN) stock is a Buy with a $8.00 price target. To see the full list of analyst forecasts on Ocugen stock, see the OCGN Stock Forecast page.

Ocugen to Present at Eyecelerator Conference May 2025

Ocugen, Inc. announced its participation in the Eyecelerator conference in Park City, Utah, on May 2, 2025, where it will present a new presentation. This event is significant for Ocugen as it provides an opportunity to engage with investors, analysts, and other stakeholders, potentially impacting its market presence and investor relations.