Ocugen (NASDAQ:OCGN) Shares Gap Up – Should You Buy?

Ocugen, Inc. (NASDAQ:OCGN) gapped up before the market opened on Monday . The stock had previously closed at $2.04, but opened at $2.22. Ocugen shares last traded at $2.0250, with a volume of 4,857,714 shares.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on OCGN shares. Wall Street Zen raised Ocugen from a “sell” rating to a “hold” rating in a report on Saturday. Canaccord Genuity Group started coverage on Ocugen in a report on Tuesday, March 17th. They issued a “buy” rating and a $12.00 price target for the company. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Chardan Capital reaffirmed a “buy” rating and set a $7.00 price objective on shares of Ocugen in a report on Thursday, March 5th. Finally, Oppenheimer assumed coverage on Ocugen in a research report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 price objective for the company. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Ocugen currently has an average rating of “Moderate Buy” and an average target price of $9.00.

Ocugen Stock Down 0.7%

The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market capitalization of $664.00 million, a price-to-earnings ratio of -8.89 and a beta of 2.75. The firm’s 50-day simple moving average is $1.73 and its two-hundred day simple moving average is $1.51.

Ocugen (NASDAQ:OCGN) last posted its quarterly 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 company had revenue of ($0.19) million during the quarter, compared to the consensus estimate of $0.86 million. Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. Sell-side analysts predict that Ocugen, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Ocugen

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