H.C. Wainwright Reiterates Buy Rating on Ocugen, Inc. (OCGN)

H.C. Wainwright analyst Swayampakula Ramakanth reiterated a Buy rating and $7.00 price target on Ocugen, Inc. (NASDAQ: OCGN).

The analyst commented: "On June 23, Ocugen reported that the company is placing its regenerative medicine asset, NeoCart, into a newly created subsidiary OrthoCellix, Inc. and OrthoCellix is entering into a reverse merger with Carisma Therapeutics (CARM, not rated). The two entities entered into a definitive merger agreement in an all-stock transaction. The combined company is expected to focus on development of NeoCart for the treatment of knee articular cartilage defects and plan to initiate a Phase 3 study. Recall, Ocugen had previously announced that the FDA had greenlighted a pivotal study design to evaluated NeoCart. At or immediately following closing, Ocugen has committed to purchase $5M worth of Carisma common stock. Post completion of transaction, current Carisma stockholders are expected to own 10% of OrthoCellix and the rest 90% would be held by Ocugen and other participants in financing. Upon closing, the newco is expected to be named as OrthoCellix Inc., recruit a new management team and trade on NASDAQ under the ticker, OCLX. We believe through this transaction management has not only identified a vehicle to unlock the potential of NeoCart but also ensure the company’s financial and operational resources are entirely focused on developing Ocugen’s modifier gene therapy portfolio. We maintain our Buy rating on OCGN and our 12-month price target of $7.00 from per diluted share."

For an analyst ratings summary and ratings history on Ocugen, Inc. click here. For more ratings news on Ocugen, Inc. click here.

Shares of Ocugen, Inc. closed at $0.98 yesterday.

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