Short Interest in Tocagen Inc (NASDAQ:TOCA) Drops By 52.0%

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Tocagen Inc (NASDAQ:TOCA) was the recipient of a large decrease in short interest during the month of March. As of March 13th, there was short interest totalling 1,295,800 shares, a decrease of 52.0% from the February 27th total of 2,700,000 shares. Based on an average trading volume of 1,936,700 shares, the days-to-cover ratio is presently 0.7 days. Currently, 7.2% of the company’s stock are sold short.

In related news, major shareholder Steven Michael Oliveira acquired 65,149 shares of the firm’s stock in a transaction on Monday, March 2nd. The stock was bought at an average cost of $1.66 per share, with a total value of $108,147.34. Corporate insiders own 10.90% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp grew its stake in shares of Tocagen by 64.4% in the third quarter. State Street Corp now owns 565,758 shares of the company’s stock worth $375,000 after purchasing an additional 221,574 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Tocagen by 112.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 48,947 shares of the company’s stock valued at $26,000 after purchasing an additional 25,880 shares in the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Tocagen by 13.3% during the fourth quarter. Geode Capital Management LLC now owns 329,250 shares of the company’s stock valued at $175,000 after purchasing an additional 38,620 shares in the last quarter. Hedge funds and other institutional investors own 23.66% of the company’s stock.

A number of research analysts have commented on the company. Zacks Investment Research raised Tocagen from a “sell” rating to a “hold” rating in a report on Wednesday, January 15th. ValuEngine upgraded Tocagen from a “hold” rating to a “buy” rating in a research report on Friday, February 21st. Finally, Chardan Capital reiterated a “hold” rating and issued a $1.00 price target on shares of Tocagen in a report on Thursday, February 20th. Nine equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Tocagen has a consensus rating of “Hold” and an average price target of $6.51.

NASDAQ TOCA opened at $1.43 on Friday. Tocagen has a one year low of $0.42 and a one year high of $11.12. The company has a 50-day simple moving average of $1.38 and a 200-day simple moving average of $0.88. The company has a debt-to-equity ratio of 0.37, a quick ratio of 1.74 and a current ratio of 1.74. The firm has a market capitalization of $33.94 million, a PE ratio of -0.53 and a beta of -0.28.

Tocagen (NASDAQ:TOCA) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.44) earnings per share for the quarter, topping the consensus estimate of ($0.57) by $0.13. Tocagen had a negative net margin of 176,433.34% and a negative return on equity of 226.87%. The firm had revenue of $0.01 million for the quarter. Equities analysts forecast that Tocagen will post -2.49 earnings per share for the current year.

Tocagen Company Profile

Tocagen Inc, a clinical-stage cancer-selective gene therapy company, focuses on developing and commercializing product candidates designed to activate a patient's immune system against their cancer. Its cancer-selective gene therapy platform is built on retroviral replicating vectors (RRVs), which are designed to deliver therapeutic genes into the DNA of cancer cells.

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