Ocugen (NASDAQ:OCGN) Shares Up 9% – Time to Buy?

Ocugen, Inc. (NASDAQ:OCGN) shares rose 9% during mid-day trading on Monday . The stock traded as high as $1.61 and last traded at $1.6350. Approximately 2,513,891 shares were traded during mid-day trading, a decline of 35% from the average daily volume of 3,867,237 shares. The stock had previously closed at $1.50.

Analysts Set New Price Targets

Several research firms have recently issued reports on OCGN. Wall Street Zen upgraded shares of Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research note on Wednesday, October 8th. Finally, Chardan Capital reaffirmed a “buy” rating and set a $7.00 target price on shares of Ocugen in a report on Friday, September 19th. Two equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $7.00.

Ocugen Price Performance

The firm has a market capitalization of $555.93 million, a PE ratio of -8.09 and a beta of 3.50. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.85 and a quick ratio of 1.85. The company has a 50-day moving average price of $1.33 and a 200-day moving average price of $1.27.

Ocugen (NASDAQ:OCGN) last announced its quarterly earnings results on Wednesday, November 5th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.01). The firm had revenue of $3.50 million for 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%. Sell-side analysts forecast that Ocugen, Inc. will post -0.2 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in OCGN. Procyon Advisors LLC lifted its holdings in Ocugen by 6.2% in the 4th quarter. Procyon Advisors LLC now owns 224,100 shares of the company’s stock worth $303,000 after buying an additional 13,000 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Ocugen by 117.7% during the 3rd quarter. NewEdge Advisors LLC now owns 80,155 shares of the company’s stock valued at $131,000 after acquiring an additional 43,341 shares in the last quarter. XTX Topco Ltd lifted its position in shares of 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 during the last quarter. Scientech Research LLC acquired a new position in Ocugen in the third quarter valued at approximately $171,000. Finally, Bank of America Corp DE boosted its position in Ocugen by 90.1% during the 3rd quarter. Bank of America Corp DE now owns 154,372 shares of the company’s stock valued at $252,000 after purchasing an additional 73,173 shares during the period. 10.27% of the stock is owned by institutional investors and hedge funds.

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.