Ocugen (NASDAQ:OCGN) Trading 12.4% Higher – Should You Buy?

Ocugen, Inc. (NASDAQ:OCGN)’s share price shot up 12.4% during mid-day trading on Thursday . The company traded as high as $1.68 and last traded at $1.6750. 2,863,252 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 7,007,739 shares. The stock had previously closed at $1.49.

Analyst Upgrades and Downgrades

OCGN has been the topic of several research reports. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Wednesday, October 8th. Chardan Capital reiterated a “buy” rating and issued a $7.00 price target on shares of Ocugen in a report on Tuesday. Two research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Ocugen has a consensus rating of “Hold” and an average target price of $7.00.

Ocugen Stock Up 10.7%

The firm has a market cap of $515.33 million, a price-to-earnings ratio of -7.50 and a beta of 3.50. The stock has a 50-day moving average of $1.38 and a 200-day moving average of $1.31. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 8.04.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Wednesday, November 5th. The company reported ($0.07) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The company had revenue of $3.50 million during the quarter, compared to analyst estimates of $0.44 million. Ocugen had a negative return on equity of 491.22% and a negative net margin of 1,192.18%. As a group, sell-side analysts forecast that Ocugen, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of OCGN. Hennion & Walsh Asset Management Inc. bought a new position in Ocugen in the 4th quarter worth about $1,358,000. Procyon Advisors LLC raised its holdings in shares of Ocugen by 6.2% during the fourth quarter. Procyon Advisors LLC now owns 224,100 shares of the company’s stock valued at $303,000 after buying an additional 13,000 shares during the last quarter. NewEdge Advisors LLC boosted its position in shares of Ocugen by 117.7% during the third quarter. NewEdge Advisors LLC now owns 80,155 shares of the company’s stock worth $131,000 after buying an additional 43,341 shares during the period. XTX Topco Ltd grew its holdings in Ocugen by 117.2% in the 3rd quarter. XTX Topco Ltd now owns 455,293 shares of the company’s stock worth $742,000 after buying an additional 245,671 shares in the last quarter. Finally, Scientech Research LLC acquired a new stake in Ocugen in the 3rd quarter valued at approximately $171,000. 10.27% of the stock is owned by institutional investors and hedge funds.

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.