Ocugen (NASDAQ:OCGN) Stock Price Up 8.4% – Should You Buy?

Ocugen, Inc. (NASDAQ:OCGN) shares were up 8.4% on Friday . The company traded as high as $1.48 and last traded at $1.4850. 3,624,742 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 7,407,146 shares. The stock had previously closed at $1.37.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on OCGN shares. 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 objective on the stock. Weiss Ratings lowered Ocugen from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday. Wall Street Zen raised Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, May 16th. Chardan Capital reiterated a “buy” rating and set a $7.00 target price on shares of Ocugen in a research report on Wednesday, March 25th. Finally, Canaccord Genuity Group lowered their price target on Ocugen from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Wednesday, May 27th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Ocugen Price Performance

The firm has a market cap of $495.93 million, a P/E ratio of -6.10 and a beta of 2.19. The firm’s fifty day simple moving average is $1.45 and its 200 day simple moving average is $1.58. The company has a debt-to-equity ratio of 4.17, a quick ratio of 1.86 and a current ratio of 1.86.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Tuesday, May 5th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ocugen had a negative return on equity of 127,987.80% and a negative net margin of 1,192.18%.The firm had revenue of $1.53 million during the quarter, compared to the consensus estimate of $0.42 million. As a group, analysts forecast that Ocugen, Inc. will post -0.22 earnings per share for the current year.

Insider Activity at Ocugen

In other Ocugen news, CFO Treerita Essali Johnson-Greene bought 21,000 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was purchased at an average cost of $1.23 per share, with a total value of $25,830.00. Following the completion of the acquisition, the chief financial officer owned 521,000 shares in the company, valued at $640,830. This trade represents a 4.20% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 3.95% of the company’s stock.

Hedge Funds Weigh In On Ocugen

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. increased its holdings in shares of Ocugen by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock worth $24,814,000 after buying an additional 450,904 shares during the last quarter. Millennium Management LLC increased its stake in Ocugen by 29.7% during the fourth quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock worth $7,285,000 after acquiring an additional 1,234,268 shares during the last quarter. UBS Group AG increased its stake in Ocugen by 373.2% during the fourth quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock worth $6,547,000 after acquiring an additional 3,824,474 shares during the last quarter. State Street Corp raised its position in Ocugen by 193.6% during the fourth quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,623,361 shares during the period. Finally, Geode Capital Management LLC lifted its stake in shares of Ocugen by 3.9% in the 4th quarter. Geode Capital Management LLC now owns 3,819,242 shares of the company’s stock valued at $5,159,000 after purchasing an additional 142,050 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.