Ocugen (NASDAQ:OCGN) Shares Up 12.4% – Time to Buy?

Ocugen, Inc. (NASDAQ:OCGN) shares were up 12.4% during mid-day trading on Thursday . The company traded as high as $1.68 and last traded at $1.6750. Approximately 2,863,252 shares were traded during mid-day trading, a decline of 59% from the average daily volume of 7,007,739 shares. The stock had previously closed at $1.49.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on OCGN shares. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research report on Tuesday. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $7.00.

Ocugen Stock Performance

The company has a market cap of $518.45 million, a P/E ratio of -7.55 and a beta of 3.50. The stock’s 50-day moving average price is $1.40 and its 200-day moving average price is $1.31. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.85 and a quick ratio of 1.85.

Ocugen (NASDAQ:OCGN) last posted its quarterly earnings data on Wednesday, November 5th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 491.22%. The business had revenue of $3.50 million during the quarter, compared to the consensus estimate of $0.44 million. Equities analysts anticipate that Ocugen, Inc. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Ocugen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OCGN. Vanguard Personalized Indexing Management LLC increased its holdings in Ocugen by 48.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company’s stock valued at $29,000 after buying an additional 9,791 shares during the period. BNP Paribas Financial Markets lifted its stake in Ocugen by 56.7% during the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after purchasing an additional 13,326 shares during the last quarter. NewEdge Advisors LLC boosted its holdings in shares of Ocugen by 198.0% in the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after purchasing an additional 24,460 shares in the last quarter. Ethic Inc. bought a new position in shares of Ocugen in the 2nd quarter valued at $40,000. Finally, Verdence Capital Advisors LLC acquired a new position in shares of Ocugen during the 3rd quarter worth $47,000. 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.