Investors Purchase High Volume of Ocugen Call Options (NASDAQ:OCGN)

Ocugen, Inc. (NASDAQ:OCGN) was the recipient of unusually large options trading on Wednesday. Stock investors purchased 5,566 call options on the stock. This is an increase of approximately 62% compared to the typical volume of 3,429 call options.

Hedge Funds Weigh In On Ocugen

Several hedge funds and other institutional investors have recently modified their holdings of OCGN. Caitong International Asset Management Co. Ltd increased its holdings in Ocugen by 76,831.8% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 82,317 shares of the company’s stock valued at $111,000 after purchasing an additional 82,210 shares during the period. Virtu Financial LLC purchased a new position in shares of Ocugen during the fourth quarter valued at approximately $106,000. NewEdge Advisors LLC raised its holdings in shares of Ocugen by 69.0% during the fourth quarter. NewEdge Advisors LLC now owns 135,460 shares of the company’s stock valued at $183,000 after acquiring an additional 55,305 shares in the last quarter. Millennium Management LLC raised its holdings in shares of Ocugen by 29.7% during the fourth quarter. Millennium Management LLC now owns 5,396,417 shares of the company’s stock valued at $7,285,000 after acquiring an additional 1,234,268 shares in the last quarter. Finally, Balyasny Asset Management L.P. purchased a new stake in Ocugen in the fourth quarter worth $196,000. 10.27% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen lowered Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Chardan Capital reiterated a “buy” rating and set a $7.00 price target on shares of Ocugen in a research report on Thursday, March 5th. Finally, Oppenheimer began coverage on shares of Ocugen in a research note on Wednesday. They set an “outperform” rating and a $10.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Ocugen has an average rating of “Moderate Buy” and a consensus price target of $8.00.

Ocugen Trading Up 4.9%

Shares of NASDAQ:OCGN traded up $0.12 during trading on Friday, reaching $2.46. 11,629,876 shares of the company traded hands, compared to its average volume of 6,880,677. 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 has a 52-week low of $0.51 and a 52-week high of $2.67. The firm has a market capitalization of $804.99 million, a price-to-earnings ratio of -10.69 and a beta of 2.75. The business’s fifty day moving average is $1.63 and its 200-day moving average is $1.45.

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

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.