Ocugen (NASDAQ:OCGN) Shares Gap Down – What’s Next?

Shares of Ocugen, Inc. (NASDAQ:OCGN) gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

OCGN has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a report on Thursday, January 22nd. Chardan Capital reaffirmed a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research note on Tuesday, January 20th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $7.00.

Ocugen Trading Up 3.0%

The stock has a fifty day simple moving average of $1.56 and a 200 day simple moving average of $1.41. The firm has a market capitalization of $598.09 million, a P/E ratio of -8.70 and a beta of 2.75. The company has a quick ratio of 1.85, a current ratio of 1.85 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) earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $0.86 million. As a group, research analysts forecast that Ocugen, Inc. will post -0.2 EPS for the current year.

Hedge Funds Weigh In On Ocugen

Several institutional investors have recently bought and sold shares of the stock. Y Intercept Hong Kong Ltd purchased a new position in Ocugen during the 2nd quarter valued at approximately $333,000. Catalyst Funds Management Pty Ltd bought a new position in shares of Ocugen during the 2nd quarter valued at approximately $130,000. Two Sigma Investments LP purchased a new position in shares of Ocugen in the third quarter valued at $119,000. Squarepoint Ops LLC bought a new stake in Ocugen in the third quarter worth $70,000. Finally, UBS Group AG raised its stake in Ocugen by 56.6% during the third quarter. UBS Group AG now owns 1,024,879 shares of the company’s stock valued at $1,671,000 after purchasing an additional 370,500 shares in the last quarter. 10.27% of the stock is owned by hedge funds and other institutional investors.

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.