Ocugen (NASDAQ:OCGN) Trading 8.4% Higher – What’s Next?

Ocugen, Inc. (NASDAQ:OCGN)’s stock price rose 8.4% on Friday . The stock traded as high as $1.48 and last traded at $1.4850. 3,624,742 shares traded hands during trading, a decline of 51% from the average session volume of 7,407,146 shares. The stock had previously closed at $1.37.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Chardan Capital restated a “buy” rating and set a $7.00 price objective on shares of Ocugen in a research note on Wednesday, March 25th. Weiss Ratings lowered shares of Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday. Canaccord Genuity Group cut their target price on Ocugen from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Wednesday, May 27th. Wall Street Zen raised Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Finally, HC Wainwright increased their price objective on Ocugen from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday, March 25th. Four investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $9.50.

Ocugen Price Performance

The stock has a market capitalization of $495.93 million, a P/E ratio of -6.10 and a beta of 2.19. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.86 and a current ratio of 1.86. The firm has a fifty day moving average price of $1.45 and a two-hundred day moving average price of $1.58.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings data on Tuesday, May 5th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 127,987.80%. The firm had revenue of $1.53 million for the quarter, compared to analysts’ expectations of $0.42 million. As a group, analysts expect that Ocugen, Inc. will post -0.22 EPS for the current fiscal year.

Insiders Place Their Bets

In other Ocugen news, CFO Treerita Essali Johnson-Greene purchased 21,000 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were acquired at an average price of $1.23 per share, for a total transaction of $25,830.00. Following the purchase, the chief financial officer directly owned 521,000 shares of the company’s stock, valued at $640,830. The trade was a 4.20% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 3.95% of the company’s stock.

Hedge Funds Weigh In On Ocugen

A number of institutional investors have recently bought and sold shares of OCGN. SmartHarvest Portfolios LLC bought a new stake in Ocugen during the fourth quarter valued at about $31,000. CTC Alternative Strategies Ltd. purchased a new position in shares of Ocugen during the 1st quarter valued at about $34,000. BNP Paribas Financial Markets grew its stake in shares of Ocugen by 56.7% during the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock valued at $36,000 after acquiring an additional 13,326 shares during the period. NewEdge Advisors LLC grew its stake in shares of Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after acquiring an additional 24,460 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Ocugen in the 4th quarter worth approximately $38,000. 10.27% of the stock is owned by institutional investors.

About Ocugen

Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.

In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.