Maxim Group analyst Michael Okunewitch has maintained their bullish stance on OCGN stock, giving a Buy rating on March 6.
Michael Okunewitch has given his Buy rating due to a combination of factors related to Ocugen’s promising developments and strategic positioning in the biotechnology sector. The recent progression of Ocugen’s OCU200 Phase 1 study for Diabetic Macular Edema (DME) is a significant milestone, as it has successfully passed its first Data Safety Monitoring Board review, allowing the company to advance to the next cohort. This progress indicates a positive safety profile and potential efficacy, which are crucial for the drug’s future success.
Additionally, Ocugen’s focus on addressing unmet needs in ophthalmologic diseases through its innovative gene therapy programs, such as OCU400, OCU410, and OCU410ST, further supports the Buy rating. The potential market for these therapies is substantial, with a combined addressable population of approximately 12 million patients. The company’s strategic moves, including the lifting of the FDA clinical hold on OCU200 and the interest from major pharmaceutical companies in the DME space, enhance Ocugen’s growth prospects. These factors, combined with a calculated valuation model and a 12-month price target of $4.00, underpin Okunewitch’s positive outlook on Ocugen’s stock.
In another report released on March 6, H.C. Wainwright also maintained a Buy rating on the stock with a $8.00 price target.