Ocugen (NASDAQ:OCGN) Shares Gap Up – Still a Buy?

Shares of Ocugen, Inc. (NASDAQ:OCGN) gapped up prior to trading on Friday . The stock had previously closed at $2.34, but opened at $2.46. Ocugen shares last traded at $2.6550, with a volume of 5,952,346 shares traded.

Wall Street Analyst Weigh In

OCGN has been the subject of several analyst reports. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Oppenheimer assumed coverage on shares of Ocugen in a research report on Wednesday. They set an “outperform” rating and a $10.00 target price for the company. Wall Street Zen lowered Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $7.00 price objective on shares of Ocugen in a research note on Thursday, March 5th. Three research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Ocugen has a consensus rating of “Moderate Buy” and a consensus target price of $8.00.

Ocugen Stock Up 10.0%

The firm’s 50 day moving average is $1.63 and its two-hundred day moving average is $1.45. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 8.04. The firm has a market cap of $844.34 million, a P/E ratio of -11.20 and a beta of 2.75.

Ocugen (NASDAQ:OCGN) last posted its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.06). The firm had revenue of ($0.19) million during the quarter, compared to analysts’ expectations of $0.86 million. Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%. As a group, research analysts anticipate that Ocugen, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the stock. Catalyst Funds Management Pty Ltd bought a new stake in Ocugen in the 2nd quarter valued at $130,000. SmartHarvest Portfolios LLC acquired a new stake in shares of Ocugen in the 4th quarter valued at about $31,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ocugen in the fourth quarter valued at about $289,000. UBS Group AG boosted its position in shares of Ocugen by 373.2% during the fourth quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock worth $6,547,000 after buying an additional 3,824,474 shares during the period. Finally, Cora Capital Advisors LLC raised its position in Ocugen by 27.5% in the 4th quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock valued at $41,000 after buying an additional 6,500 shares during the last quarter. Institutional investors own 10.27% of the company’s stock.

Ocugen Company Profile

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.