Ocugen (NASDAQ:OCGN) Trading 8.4% Higher – Here’s Why

Shares of Ocugen, Inc. (NASDAQ:OCGN) traded up 8.4% on Friday . The stock traded as high as $1.48 and last traded at $1.4850. 3,624,742 shares were traded during mid-day trading, a decline of 51% from the average daily volume of 7,407,146 shares. The stock had previously closed at $1.37.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Wall Street Zen raised shares of Ocugen from a “sell” rating to a “hold” rating in a research note on Saturday, May 16th. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research report on Wednesday, March 25th. Weiss Ratings downgraded shares of Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Canaccord Genuity Group decreased their target price on shares of Ocugen from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Wednesday, May 27th. Finally, HC Wainwright raised their target price on shares of Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Ocugen currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Ocugen Stock Up 9.5%

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 company has a market cap of $507.78 million, a PE ratio of -6.25 and a beta of 2.19. The firm has a fifty day simple moving average of $1.44 and a 200 day simple moving average of $1.58.

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

Insider Buying and Selling

In related news, CFO Treerita Essali Johnson-Greene purchased 21,000 shares of the business’s stock in a transaction on Monday, June 15th. The shares were bought at an average price of $1.23 per share, with a total value of $25,830.00. Following the completion of the purchase, the chief financial officer directly owned 521,000 shares in the company, valued at approximately $640,830. This trade represents a 4.20% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 3.95% of the company’s stock.

Institutional Trading of Ocugen

Several institutional investors have recently made changes to their positions in the stock. SmartHarvest Portfolios LLC acquired a new stake in shares of Ocugen during the 4th quarter worth $31,000. CTC Alternative Strategies Ltd. purchased a new stake in Ocugen during the first quarter valued at about $34,000. BNP Paribas Financial Markets grew its position in Ocugen by 56.7% during the second 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 increased its stake in Ocugen by 198.0% during the second quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock worth $36,000 after acquiring an additional 24,460 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Ocugen during the fourth quarter worth about $38,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

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.