Ocugen (NASDAQ:OCGN) Shares Gap Down – Should You Sell?

Ocugen, Inc. (NASDAQ:OCGN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $1.99, but opened at $1.86. Ocugen shares last traded at $1.7650, with a volume of 4,789,387 shares traded.

Analyst Ratings Changes

A number of analysts have recently weighed in on OCGN shares. Oppenheimer started 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. Canaccord Genuity Group started coverage on Ocugen in a research report on Tuesday, March 17th. They issued a “buy” rating and a $12.00 price objective for the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. HC Wainwright lifted their price target on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Wednesday, March 25th. Finally, Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, April 4th. Four analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.75.

Ocugen Trading Down 7.8%

The stock has a 50-day simple moving average of $1.83 and a 200 day simple moving average of $1.59. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 8.04. The company has a market cap of $601.69 million, a price-to-earnings ratio of -7.98 and a beta of 2.80.

Ocugen (NASDAQ:OCGN) last issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.06) EPS for the quarter, hitting analysts’ consensus estimates of ($0.06). Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%.The company had revenue of ($0.19) million during the quarter, compared to analysts’ expectations of $0.86 million. As a group, equities research analysts predict that Ocugen, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Trading of Ocugen

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its position in Ocugen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock worth $24,814,000 after acquiring an additional 450,904 shares during the period. Millennium Management LLC raised its stake in shares of Ocugen by 29.7% during the 4th quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock valued at $7,285,000 after buying an additional 1,234,268 shares during the last quarter. UBS Group AG raised its stake in shares of 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 buying an additional 3,824,474 shares during the last quarter. State Street Corp raised its stake in shares of Ocugen by 193.6% during the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after buying an additional 2,623,361 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Ocugen by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock valued at $5,159,000 after buying an additional 142,050 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.