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

Shares of Ocugen, Inc. (NASDAQ:OCGN) gapped up prior to trading 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 changing hands.

Analysts Set New Price Targets

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

Ocugen Trading 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 firm has a market cap of $664.00 million, a price-to-earnings ratio of -8.89 and a beta of 2.75. The business’s 50-day moving average price is $1.73 and its two-hundred day moving average price is $1.51.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The firm had revenue of ($0.19) million for the quarter, compared to analyst estimates of $0.86 million. Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. Equities analysts expect that Ocugen, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Ocugen

Several hedge funds have recently made changes to their positions in the business. UBS Group AG grew its position in shares of Ocugen by 373.2% in the fourth quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock valued at $6,547,000 after purchasing an additional 3,824,474 shares during the period. State Street Corp lifted its position in Ocugen by 193.6% during the fourth quarter. State Street Corp now owns 3,978,738 shares of the company’s stock worth $5,371,000 after buying an additional 2,623,361 shares during the period. Marshall Wace LLP acquired a new stake in Ocugen in the 4th quarter worth about $3,417,000. Goldman Sachs Group Inc. boosted its stake in Ocugen by 2,256.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,302,475 shares of the company’s stock worth $3,108,000 after buying an additional 2,204,765 shares during the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Ocugen by 485.9% in the 4th quarter. Renaissance Technologies LLC now owns 1,700,400 shares of the company’s stock valued at $2,296,000 after buying an additional 1,410,200 shares during the period. Institutional investors and hedge funds own 10.27% of the company’s stock.

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.