Ocugen stock slips 8% as Chardan Capital cuts PT

May 09, 2022 11:40 AM ETOcugen, Inc. (OCGN)By: Preeti Singh, SA News Editor

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  • Ocugen (NASDAQ:OCGN) shares have dropped for the third straight trading session following the firm's Q1 earnings release last week that missed Wall Street estimates.
  • Quarterly losses more than doubled to $18M from $7M in Q121. The results were impacted by increased R&D expenses, which grew from $2.9M last year to $7.9M. The growth was attributed to continued investment in development activities for Covaxin and ophthalmology portfolio.
  • Unimpressed by the results, Chardan Capital lowered its price target on the firm from $4 to $3.50, while keeping a neutral rating.
  • Shares are currently down ~8% to $1.99 and have slumped 58.58% in value YTD.
  • Read a recent bearish analysis on the stock here

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