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

Ocugen, Inc. (NASDAQ:OCGN)’s share price gapped down prior to trading on Wednesday . The stock had previously closed at $1.86, but opened at $1.75. Ocugen shares last traded at $1.94, with a volume of 4,263,868 shares.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on OCGN. Chardan Capital reissued a “buy” rating and set a $7.00 price objective on shares of Ocugen in a research note on Tuesday, January 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $7.00.

Ocugen Stock Up 3.0%

The firm has a market cap of $598.09 million, a PE ratio of -8.70 and a beta of 2.75. The company has a 50-day simple moving average of $1.56 and a 200-day simple moving average of $1.41. 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 issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate of ($0.06). Ocugen had a negative return on equity of 491.22% and a negative net margin of 1,192.18%.The firm had revenue of ($0.19) million for the quarter, compared to the consensus estimate of $0.86 million. Analysts expect that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Ocugen

A number of large investors have recently made changes to their positions in the stock. SmartHarvest Portfolios LLC purchased a new position in Ocugen in the 4th quarter worth about $31,000. Schonfeld Strategic Advisors LLC purchased a new stake in Ocugen in the 4th quarter valued at about $38,000. Verdence Capital Advisors LLC bought a new position in Ocugen in the 3rd quarter worth about $47,000. Cora Capital Advisors LLC increased its position in shares of Ocugen by 27.5% during the fourth quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after acquiring an additional 6,500 shares during the period. Finally, Caitong International Asset Management Co. Ltd increased its position in shares of Ocugen by 28,222.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 30,305 shares of the company’s stock worth $41,000 after acquiring an additional 30,198 shares during the period. 10.27% of the stock is owned by hedge funds and other institutional investors.

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.