Ocugen, Inc. (NASDAQ:OCGN) Short Interest Update

Key Points

• Short interest jumped 23.7% in March to 64,754,908 shares, equal to roughly 20.7% of the stock and a short-interest ratio of 5.3 days based on average volume.
• Analysts are broadly positive: four Buys and one Sell yield a consensus rating of “Moderate Buy” with a consensus price target of $9.75, and several firms initiated or raised targets (up to $12).
• Ocugen trades around $1.93 with a market cap of about $632.9M, but remains unprofitable—reporting negative EPS and a very large negative net margin—with analysts forecasting roughly -0.2 EPS for the year.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) was the target of a significant increase in short interest during the month of March. As of March 31st, there was short interest totaling 64,754,908 shares, an increase of 23.7% from the March 15th total of 52,358,943 shares. Approximately 20.7% of the shares of the stock are sold short. Based on an average trading volume of 12,231,366 shares, the short-interest ratio is presently 5.3 days.

Ocugen Trading Down 1.0%

Shares of OCGN stock traded down $0.02 during trading hours on Thursday, hitting $1.93. 4,752,377 shares of the company were exchanged, compared to its average volume of 7,617,674. The firm has a market cap of $632.85 million, a PE ratio of -8.39 and a beta of 2.80. Ocugen has a 1 year low of $0.64 and a 1 year high of $2.73. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 8.04. The firm has a fifty day moving average of $1.81 and a 200 day moving average of $1.58.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its quarterly earnings data on Wednesday, March 4th. The company reported ($0.06) earnings per share for the quarter, hitting the consensus estimate 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%. Analysts expect that Ocugen will post -0.2 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on OCGN shares. Oppenheimer started coverage on Ocugen in a research report on Wednesday, March 11th. They set an "outperform" rating and a $10.00 target price on the stock. HC Wainwright increased their price objective on shares of Ocugen from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, March 25th. Weiss Ratings reiterated a "sell (e+)" rating on shares of Ocugen in a report on Thursday, January 22nd. Chardan Capital reiterated a "buy" rating and set a $7.00 price objective on shares of Ocugen in a report on Wednesday, March 25th. Finally, Canaccord Genuity Group assumed coverage on shares of Ocugen in a report on Tuesday, March 17th. They set a "buy" rating and a $12.00 price objective on the stock. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ocugen currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.75.

Hedge Funds Weigh In On Ocugen

A number of large investors have recently modified their holdings of the company. Creative Planning acquired a new stake in Ocugen in the second quarter valued at approximately $57,000. XTX Topco Ltd purchased a new stake in Ocugen during the 2nd quarter worth approximately $203,000. Jump Financial LLC purchased a new stake in Ocugen during the 2nd quarter worth approximately $57,000. Qube Research & Technologies Ltd purchased a new stake in Ocugen during the 2nd quarter worth approximately $188,000. Finally, NewEdge Advisors LLC increased its holdings in Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company's stock worth $36,000 after purchasing an additional 24,460 shares during the last quarter. 10.27% of the stock is currently 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.

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