Ocugen, Inc. (OCGN) PT Raised to $8 at H.C. Wainwright

H.C. Wainwright analyst Swayampakula Ramakanth raised the price target on Ocugen, Inc. (NASDAQ: OCGN) to $8.00 (from $7.00) while maintaining a Buy rating.

The analyst commented: "OCU410 continues to deliver promising efficacy signals with a single subretinal injection for patients with geographic atrophy (GA). On February 12, Ocugen presented a clinical data update from the Phase 1 portion of the Phase 1/2 ArMaDa Study evaluating OCU410 to treat GA secondary to dry age-related macular degeneration (dAMD). Among all patients (n=9) the treated eye demonstrated a clinically meaningful 2-line (10 letter) gain in visual acuity compared to untreated eyes according to low-luminance visual acuity (LLVA) evaluation. The two patients who reached the nine-month evaluation timepoint by the data cut-off date experienced a 44% slower GA lesion growth in treated eyes compared to untreated eye. While we understand that OCU410 has not been studied in a head-to-head study, at nine-months post-treatment, a single OCU4100 dose preserved retinal tissue in the two patients at a level greater that seen after nine months of monthly or once-every-other-month dosing of pegcetacoplan. As a result of changes to our model, our current price target is now $8.00 per diluted share compared to prior $7.00. Reiterate Buy."

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