Ocugen (NASDAQ:OCGN) Shares Gap Down on Disappointing Earnings

Shares of Ocugen, Inc. (NASDAQ:OCGN) gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.85, but opened at $1.5520. Ocugen shares last traded at $1.5050, with a volume of 7,792,677 shares trading hands.

The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%.

Wall Street Analysts Forecast Growth

OCGN has been the topic of a number of research analyst reports. Wall Street Zen cut shares of Ocugen from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Oppenheimer initiated coverage on shares of Ocugen in a report on Wednesday, March 11th. They issued an “outperform” rating and a $10.00 price target on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Canaccord Genuity Group initiated coverage on shares of Ocugen in a report on Tuesday, March 17th. They issued a “buy” rating and a $12.00 price target on the stock. Finally, HC Wainwright upped their price target on shares of Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, March 25th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $9.75.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings 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 in the last quarter. Millennium Management LLC grew its holdings in Ocugen by 29.7% during the 4th quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock worth $7,285,000 after acquiring an additional 1,234,268 shares in the last quarter. UBS Group AG grew 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 worth $6,547,000 after acquiring an additional 3,824,474 shares in the last quarter. State Street Corp grew its holdings in Ocugen by 193.6% during the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock worth $5,371,000 after acquiring an additional 2,623,361 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in Ocugen by 3.9% during the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock worth $5,159,000 after acquiring an additional 142,050 shares in the last quarter. 10.27% of the stock is currently owned by institutional investors.

Ocugen Trading Down 19.7%

The company has a debt-to-equity ratio of 8.04, a quick ratio of 1.06 and a current ratio of 1.06. The company’s fifty day simple moving average is $1.88 and its 200-day simple moving average is $1.59. The company has a market capitalization of $502.70 million, a P/E ratio of -6.46 and a beta of 2.30.

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.