Ocugen (NASDAQ:OCGN) Sees Strong Trading Volume – Here’s Why

Ocugen, Inc. (NASDAQ:OCGN) saw unusually-strong trading volume on Tuesday . Approximately 6,755,595 shares traded hands during mid-day trading, a decline of 13% from the previous session’s volume of 7,768,395 shares.The stock last traded at $1.8150 and had previously closed at $2.10.

Wall Street Analysts Forecast Growth

OCGN has been the subject of a number of recent analyst reports. Oppenheimer started coverage on shares of Ocugen in a research report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price target for the company. Canaccord Genuity Group started coverage on Ocugen in a research note on Tuesday, March 17th. They set a “buy” rating and a $12.00 price objective for the company. Wall Street Zen upgraded Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, March 21st. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Finally, HC Wainwright lifted their price target on Ocugen from $7.00 to $10.00 and gave the company a “buy” rating in a research report on Wednesday. Four analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.75.

Ocugen Price Performance

The business’s fifty day moving average price is $1.73 and its 200-day moving average price is $1.53. The company has a market capitalization of $639.41 million, a P/E ratio of -8.48 and a beta of 2.75. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 8.04.

Ocugen (NASDAQ:OCGN) last released its earnings results on Wednesday, March 4th. The company reported ($0.06) EPS for the quarter, meeting 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 business had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.86 million. As a group, sell-side analysts predict that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Ocugen

A number of large investors have recently modified their holdings of OCGN. Cora Capital Advisors LLC boosted its stake in Ocugen by 27.5% in the fourth quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after buying an additional 6,500 shares in the last quarter. Jain Global LLC raised its stake in shares of Ocugen by 7.2% during the fourth quarter. Jain Global LLC now owns 114,690 shares of the company’s stock worth $155,000 after acquiring an additional 7,686 shares in the last quarter. Lanham O Dell & Company Inc. raised its stake in shares of Ocugen by 7.7% during the third quarter. Lanham O Dell & Company Inc. now owns 140,000 shares of the company’s stock worth $228,000 after acquiring an additional 10,000 shares in the last quarter. Procyon Advisors LLC lifted its holdings in shares of Ocugen by 5.5% in the 3rd quarter. Procyon Advisors LLC now owns 211,100 shares of the company’s stock worth $344,000 after acquiring an additional 11,000 shares during the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Ocugen by 56.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after acquiring an additional 13,326 shares during the last quarter. 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.