Ocugen (NASDAQ:OCGN) Stock Price Down 7.2% – Time to Sell?

Ocugen, Inc. (NASDAQ:OCGN)’s stock price dropped 7.2% during mid-day trading on Thursday . The company traded as low as $1.79 and last traded at $1.8180. Approximately 2,458,987 shares traded hands during trading, a decline of 57% from the average daily volume of 5,723,533 shares. The stock had previously closed at $1.96.

Wall Street Analysts Forecast Growth

OCGN has been the topic of several recent analyst reports. Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Finally, Chardan Capital reaffirmed a “buy” rating and set a $7.00 price target on shares of Ocugen in a report on Thursday. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Ocugen currently has a consensus rating of “Hold” and an average price target of $7.00.

Ocugen Stock Performance

The company has a quick ratio of 1.85, a current ratio of 1.06 and a debt-to-equity ratio of 8.04. The business has a 50 day moving average price of $1.58 and a two-hundred day moving average price of $1.42. The stock has a market cap of $527.92 million, a P/E ratio of -7.00 and a beta of 2.75.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.06). Ocugen had a negative return on equity of 2,626.38% and a negative net margin of 1,192.18%.The company had revenue of ($0.19) million for the quarter, compared to the consensus estimate of $0.86 million. On average, sell-side analysts forecast that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocugen

Institutional investors and hedge funds have recently modified their holdings of the stock. SmartHarvest Portfolios LLC bought a new position in shares of Ocugen during the fourth quarter worth $31,000. BNP Paribas Financial Markets grew its stake in Ocugen by 56.7% during the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock valued at $36,000 after acquiring an additional 13,326 shares in the last quarter. NewEdge Advisors LLC increased its holdings in Ocugen by 198.0% in the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after acquiring an additional 24,460 shares during the last quarter. Schonfeld Strategic Advisors LLC bought a new stake in Ocugen in the 4th quarter valued at $38,000. Finally, Cora Capital Advisors LLC lifted its stake in Ocugen by 27.5% in the 4th quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company’s stock worth $41,000 after purchasing an additional 6,500 shares in the last quarter. Institutional investors own 10.27% of the company’s stock.

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.