Ocugen (OCGN) stock was up today after the biotech company posted results from its Q4 2024 earnings report. Earnings per share reported during the quarter were -5 cents, matching Wall Street’s estimate. However, that was wider than the -4 cents reported in the same period of 2023.
Ocugen also reported revenue of $764,000 in Q4, easily beating analysts’ estimate of $400,000. That’s despite the company’s latest revenue being roughly half the $1.41 million reported in Q4 2023. It also secured $65 million in equity and debt financings in the second half of 2024, allowing it to continue operations to Q1 2026.
OCGN stockholders are pleased with the company’s Q4 earnings report, boosting shares 1.69% in pre-market trading today. However, it follows a 2.5% drop yesterday and the stock is still down 26.25% year-to-date and 32.18% over the last 52 weeks.
Ocugen Development Updates
Ocugen provided several development updates in its most recent earnings report. Throughout the year, the company made significant progress on clinical trials, moving closer to its goal of three Biologics License Applications (BLAs) in 2026, 2027, and 2028.
Dr. Shankar Musunuri, Chairman, CEO, and co-founder of Ocugen, said, “Ongoing data from all three clinical programs, along with patient testimonials, continue to support the benefit of one-time treatment from our revolutionary modifier gene therapy platform.”
Is OCGN Stock a Buy, Sell, or Hold?
Turning to Wall Street, the analysts’ consensus rating for Ocugen is Strong Buy based on three Buy ratings over the last three months. With that comes an average price target of $6.67, a high of $8, and a low of $4. This represents a potential 1,030.51% upside for OCGN stock. These ratings and price targets will likely change as analysts update their coverage after today’s earnings report.
