Ocugen (NASDAQ:OCGN) Trading Up 6.6% – Here’s Why

Shares of Ocugen, Inc. (NASDAQ:OCGN) shot up 6.6% during trading on Monday . The stock traded as high as $1.74 and last traded at $1.7050. 1,044,226 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 5,060,539 shares. The stock had previously closed at $1.60.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Chardan Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Ocugen in a research note on Tuesday, January 20th. Two investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Ocugen has an average rating of “Hold” and an average target price of $7.00.

Ocugen Stock Up 4.5%

The company has a debt-to-equity ratio of 8.04, a quick ratio of 1.85 and a current ratio of 1.85. The company’s fifty day moving average price is $1.52 and its 200-day moving average price is $1.39. The stock has a market cap of $580.92 million, a P/E ratio of -8.45 and a beta of 3.49.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of OCGN. SmartHarvest Portfolios LLC bought a new position in shares of Ocugen during the fourth quarter valued at approximately $31,000. Schonfeld Strategic Advisors LLC purchased a new position in Ocugen during the 4th quarter valued at $38,000. Vanguard Personalized Indexing Management LLC boosted its holdings in Ocugen by 48.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company’s stock valued at $29,000 after acquiring an additional 9,791 shares during the period. Verdence Capital Advisors LLC bought a new position in Ocugen in the 3rd quarter valued at $47,000. Finally, Cora Capital Advisors LLC increased its stake in Ocugen by 27.5% in the fourth quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after purchasing an additional 6,500 shares during the period. Hedge funds and other institutional investors own 10.27% of the company’s stock.

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.