Ocugen (NASDAQ:OCGN) Trading Down 6.3% – What’s Next?

Shares of Ocugen, Inc. (NASDAQ:OCGN) fell 6.3% during mid-day trading on Tuesday . The stock traded as low as $1.56 and last traded at $1.5650. 4,432,320 shares were traded during trading, a decline of 44% from the average daily volume of 7,871,269 shares. The stock had previously closed at $1.67.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Canaccord Genuity Group dropped their target price on Ocugen from $12.00 to $11.00 and set a “buy” rating for the company in a research report on Wednesday, May 27th. HC Wainwright upped their target price on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Wednesday, March 25th. Chardan Capital reiterated a “buy” rating and set a $7.00 price target on shares of Ocugen in a research report on Wednesday, March 25th. Finally, Oppenheimer initiated coverage on shares of Ocugen in a research note on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $9.50.

Ocugen Stock Performance

The stock has a market cap of $533.17 million, a PE ratio of -6.48 and a beta of 2.17. The company has a fifty day moving average price of $1.42 and a 200 day moving average price of $1.59. The company has a quick ratio of 1.86, a current ratio of 1.86 and a debt-to-equity ratio of 4.17.

Ocugen (NASDAQ:OCGN) last issued its earnings results 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). The company had revenue of $1.53 million during the quarter, compared to the consensus estimate of $0.42 million. Analysts expect that Ocugen, Inc. will post -0.22 earnings per share for the current year.

Insider Buying and Selling at Ocugen

In other news, CFO Treerita Essali Johnson-Greene bought 21,000 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were purchased at an average price of $1.23 per share, for a total transaction of $25,830.00. Following the completion of the acquisition, the chief financial officer owned 521,000 shares of the company’s stock, valued at approximately $640,830. This trade represents a 4.20% increase in their ownership of the stock. The transaction 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 Investors Weigh In On Ocugen

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in shares of Ocugen by 3.1% in the third quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock valued at $24,814,000 after acquiring an additional 450,904 shares during the period. Millennium Management LLC boosted its holdings in shares of Ocugen by 29.7% during the fourth quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock worth $7,285,000 after purchasing an additional 1,234,268 shares during the period. UBS Group AG boosted its holdings 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 purchasing an additional 3,824,474 shares during the period. State Street Corp increased its holdings in Ocugen by 193.6% during the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,623,361 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Ocugen by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock valued at $5,159,000 after purchasing an additional 142,050 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.