Ocugen (NASDAQ:OCGN) Sets New 12-Month High – What’s Next?

Ocugen, Inc. (NASDAQ:OCGN) reached a new 52-week high during trading on Tuesday . The company traded as high as $2.67 and last traded at $2.33, with a volume of 11785334 shares trading hands. The stock had previously closed at $2.48.

Analyst Upgrades and Downgrades

OCGN has been the subject of several recent research reports. Chardan Capital reiterated a “buy” rating and set a $7.00 target price on shares of Ocugen in a research note on Thursday, March 5th. Canaccord Genuity Group began coverage on Ocugen in a research report on Tuesday. They issued a “buy” rating and a $12.00 price target on the stock. Oppenheimer assumed coverage on Ocugen in a research note on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price objective for the company. Wall Street Zen cut Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Four research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $9.00.

Ocugen Price Performance

The company has a market cap of $750.89 million, a price-to-earnings ratio of -9.96 and a beta of 2.75. The company’s 50 day moving average price is $1.70 and its 200 day moving average price is $1.49. 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 issued its quarterly earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). The business had revenue of ($0.19) million for the quarter, compared to analyst estimates of $0.86 million. Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. Equities research analysts forecast that Ocugen, Inc. will post -0.2 earnings per share for the current year.

Hedge Funds Weigh In On Ocugen

A number of large investors have recently modified their holdings of OCGN. Catalyst Funds Management Pty Ltd purchased a new stake in shares of Ocugen in the second quarter valued at approximately $130,000. SmartHarvest Portfolios LLC purchased a new position in Ocugen in the fourth quarter worth $31,000. Caitong International Asset Management Co. Ltd raised its position in Ocugen by 76,831.8% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 82,317 shares of the company’s stock worth $111,000 after acquiring an additional 82,210 shares in the last quarter. UBS Group AG lifted its holdings in Ocugen by 373.2% in the fourth quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock valued at $6,547,000 after acquiring an additional 3,824,474 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in Ocugen in the fourth quarter valued at $289,000. 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.