Ocugen (NASDAQ:OCGN) Trading Down 6.3% – Time to Sell?

Shares of Ocugen, Inc. (NASDAQ:OCGN) fell 6.3% during mid-day trading on Tuesday . The company traded as low as $1.56 and last traded at $1.5650. 4,432,320 shares traded hands 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 Analyst Weigh In

A number of brokerages have weighed in on OCGN. Weiss Ratings downgraded shares of Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a report on Tuesday, June 23rd. Wall Street Zen raised shares of Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, May 16th. Oppenheimer began coverage on shares of Ocugen in a research note on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 target price for the company. Chardan Capital reissued a “buy” rating and set a $7.00 target price on shares of Ocugen in a research report on Wednesday, March 25th. Finally, HC Wainwright boosted their price target on Ocugen from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Wednesday, March 25th. Four 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, Ocugen has a consensus rating of “Moderate Buy” and an average price target of $9.50.

Ocugen Price Performance

The company has a 50-day moving average of $1.43 and a 200 day moving average of $1.59. 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 firm has a market cap of $529.78 million, a P/E ratio of -6.52 and a beta of 2.20.

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

Insider Activity at Ocugen

In other news, CFO Treerita Essali Johnson-Greene bought 21,000 shares of Ocugen stock in a transaction dated Monday, June 15th. The shares were bought at an average price of $1.23 per share, for a total transaction of $25,830.00. Following the purchase, 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 purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 3.95% of the company’s stock.

Hedge Funds Weigh In On Ocugen

Several institutional investors have recently added to or reduced their stakes in OCGN. NewEdge Advisors LLC boosted its position in Ocugen by 23.0% in the first quarter. NewEdge Advisors LLC now owns 166,595 shares of the company’s stock valued at $302,000 after buying an additional 31,135 shares in the last quarter. CTC Alternative Strategies Ltd. acquired a new stake in shares of Ocugen during the first quarter worth approximately $34,000. Bank of America Corp DE raised its stake in shares of Ocugen by 1,090.0% in the first quarter. Bank of America Corp DE now owns 1,174,180 shares of the company’s stock valued at $2,125,000 after acquiring an additional 1,075,508 shares during the last quarter. SummitTX Capital L.P. bought a new position in shares of Ocugen in the first quarter valued at approximately $76,000. Finally, Baader Bank Aktiengesellschaft acquired a new position in shares of Ocugen in the 1st quarter worth approximately $68,000. 10.27% of the stock is owned by institutional investors.

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.