Ocugen (NASDAQ:OCGN) Trading Down 4.6% – Here’s What Happened

Ocugen, Inc. (NASDAQ:OCGN) shares traded down 4.6% on Monday . The stock traded as low as $2.43 and last traded at $2.3650. 4,512,594 shares were traded during trading, a decline of 35% from the average session volume of 6,907,648 shares. The stock had previously closed at $2.48.

Analyst Ratings Changes

Several brokerages recently commented on OCGN. Chardan Capital reissued a “buy” rating and set a $7.00 target price on shares of Ocugen in a report on Thursday, March 5th. Canaccord Genuity Group started coverage on Ocugen in a research report on Tuesday. They issued a “buy” rating and a $12.00 price objective for the company. Wall Street Zen lowered shares of Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. 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 for the company. 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.00.

Ocugen Trading Down 3.5%

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 business has a 50 day simple moving average of $1.69 and a 200 day simple moving average of $1.49. The company has a market cap of $775.48 million, a price-to-earnings ratio of -10.28 and a beta of 2.75.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of OCGN. Creative Planning acquired a new position in Ocugen in the 2nd quarter valued at $57,000. Catalyst Funds Management Pty Ltd bought a new position in Ocugen during the 2nd quarter worth $130,000. XTX Topco Ltd acquired a new stake in Ocugen during the second quarter worth about $203,000. Rinkey Investments lifted its stake in Ocugen by 1.2% during the second quarter. Rinkey Investments now owns 1,179,006 shares of the company’s stock worth $1,144,000 after purchasing an additional 14,500 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in shares of Ocugen during the second quarter worth $57,000. 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.