Ocugen, Inc.

NasdaqCM:OCGN Stock Report

Market Cap: US$221.9m

Ocugen Valuation

Is OCGN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

0/6

Valuation Score 0/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Book vs Peers

  • Price-To-Book vs Industry

  • Price-To-Book vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of OCGN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: Insufficient data to calculate OCGN's fair value for valuation analysis.

Significantly Below Fair Value: Insufficient data to calculate OCGN's fair value for valuation analysis.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for OCGN?

Key metric: As OCGN barely has revenue we use its Price-To-Book Ratio for relative valuation analysis.

The above table shows the Price to Book ratio for OCGN. This is calculated by dividing OCGN's market cap by their current book value.
What is OCGN's PB Ratio?
PB Ratio7x
BookUS$29.63m
Market CapUS$221.93m

Price to Book Ratio vs Peers

How does OCGN's PB Ratio compare to its peers?

The above table shows the PB ratio for OCGN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PBEstimated GrowthMarket Cap
Peer Average2.6x
PRQR ProQR Therapeutics
1.6x17.0%US$189.4m
CGEN Compugen
2.1x-22.2%US$128.1m
SAGE Sage Therapeutics
1x31.6%US$429.6m
TSHA Taysha Gene Therapies
5.7x36.4%US$410.1m
OCGN Ocugen
7x68.8%US$221.9m

Price-To-Book vs Peers: OCGN is expensive based on its Price-To-Book Ratio (7x) compared to the peer average (2.6x).

Price to Book Ratio vs Industry

How does OCGN's PB Ratio compare vs other companies in the US Biotechs Industry?

57 CompaniesPrice / BookEstimated GrowthMarket Cap
FDMT 4D Molecular Therapeutics
0.3x-7.0%US$165.30m
ZNTL Zentalis Pharmaceuticals
0.3x6.7%US$97.66m
CRBU Caribou Biosciences
0.3x26.8%US$79.86m
MGX Metagenomi
0.2x-17.4%US$58.69m
OCGN 7.0xIndustry Avg. 1.5xNo. of Companies69PB01.22.43.64.86+
57 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Book vs Industry: OCGN is expensive based on its Price-To-Book Ratio (7x) compared to the US Biotechs industry average (1.6x).

Price to Book Ratio vs Fair Ratio

What is OCGN's PB Ratio compared to its Fair PB Ratio? This is the expected PB Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

OCGN PB Ratio vs Fair Ratio.
Fair Ratio
Current PB Ratio7x
Fair PB Ration/a

Price-To-Book vs Fair Ratio: Insufficient data to calculate OCGN's Price-To-Book Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst OCGN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$0.72
US$6.75
+843.8%
24.3%US$8.00US$4.00n/a4
Apr ’26US$0.65
US$6.75
+943.0%
24.3%US$8.00US$4.00n/a4
Mar ’26US$0.65
US$6.50
+897.4%
25.5%US$8.00US$4.00n/a4
Feb ’26US$0.73
US$6.25
+759.2%
23.7%US$8.00US$4.00n/a4
Jan ’26US$0.81
US$6.25
+676.4%
23.7%US$8.00US$4.00n/a4
Dec ’25US$0.98
US$6.25
+536.4%
23.7%US$8.00US$4.00n/a4
Nov ’25US$0.95
US$6.25
+558.4%
23.7%US$8.00US$4.00n/a4
Oct ’25US$0.95
US$7.00
+636.8%
11.7%US$8.00US$6.00n/a3
Sep ’25US$1.30
US$7.00
+438.5%
11.7%US$8.00US$6.00n/a3
Aug ’25US$1.30
US$6.67
+412.8%
18.7%US$8.00US$5.00n/a3
Jul ’25US$1.63
US$6.67
+310.3%
18.7%US$8.00US$5.00n/a3
Jun ’25US$1.73
US$6.67
+285.4%
18.7%US$8.00US$5.00n/a3
May ’25US$1.39
US$6.67
+379.6%
18.7%US$8.00US$5.00US$0.743
Apr ’25US$1.54
US$6.33
+311.3%
26.8%US$8.00US$4.00US$0.653
Mar ’25US$0.96
US$6.33
+559.7%
26.8%US$8.00US$4.00US$0.653
Feb ’25US$0.53
US$5.33
+906.3%
23.4%US$7.00US$4.00US$0.733
Jan ’25US$0.57
US$4.00
+595.7%
30.6%US$5.00US$2.00US$0.814
Dec ’24US$0.40
US$4.00
+910.1%
30.6%US$5.00US$2.00US$0.984
Nov ’24US$0.36
US$4.00
+1,017.0%
30.6%US$5.00US$2.00US$0.954
Oct ’24US$0.40
US$4.00
+900.0%
30.6%US$5.00US$2.00US$0.954
Sep ’24US$0.43
US$4.00
+830.2%
30.6%US$5.00US$2.00US$1.304
Aug ’24US$0.60
US$4.58
+657.8%
39.0%US$8.00US$2.50US$1.306
Jul ’24US$0.54
US$4.58
+743.9%
39.0%US$8.00US$2.50US$1.636
Jun ’24US$0.45
US$4.58
+914.7%
39.0%US$8.00US$2.50US$1.736
May ’24US$0.70
US$4.83
+591.9%
33.1%US$8.00US$3.00US$1.396
AnalystConsensusTarget
Consensus Narrative from 4 Analysts
US$6.75
Fair Value
89.4% undervalued intrinsic discount
4
Number of Analysts

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/05/06 11:16
End of Day Share Price 2025/05/06 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Ocugen, Inc. is covered by 5 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Daniil GataulinChardan Capital Markets, LLC
Swayampakula RamakanthH.C. Wainwright & Co.
Michael OkunewitchMaxim Group