Ocugen (NASDAQ:OCGN) Hits New 52-Week High - Here's Why

Key Points

• Ocugen's share price reached a new 52-week high of $1.87 during mid-day trading, increasing from a previous close of $1.77.
• The company's stock has received a consistent "buy" rating from analysts, with target prices set at $7.00 and an average price target of $6.00.
• In its quarterly earnings report, Ocugen reported earnings per share of ($0.05), exceeding analysts' expectations and indicating a revenue of $1.37 million.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Friday . The company traded as high as $1.80 and last traded at $1.87, with a volume of 158193 shares trading hands. The stock had previously closed at $1.77.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of Ocugen in a research report on Tuesday, June 24th. Chardan Capital reiterated a "buy" rating and issued a $7.00 price objective on shares of Ocugen in a report on Friday, September 19th. Finally, Wall Street Zen raised Ocugen from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. Three equities research analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $6.00.

Ocugen Price Performance

The company has a 50-day simple moving average of $1.15 and a 200-day simple moving average of $0.95. The company has a market cap of $542.22 million, a price-to-earnings ratio of -9.27 and a beta of 4.20. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.83 and a current ratio of 1.83.

Ocugen (NASDAQ:OCGN - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported ($0.05) earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.01. Ocugen had a negative return on equity of 255.25% and a negative net margin of 1,197.71%.The company had revenue of $1.37 million for the quarter, compared to analyst estimates of $0.35 million. As a group, research analysts predict that Ocugen, Inc. will post -0.2 earnings per share for the current year.

Institutional Investors Weigh In On Ocugen

A number of institutional investors have recently modified their holdings of the stock. Ameriprise Financial Inc. acquired a new position in Ocugen during the 4th quarter worth $30,000. BNP Paribas Financial Markets bought a new stake in Ocugen in the fourth quarter valued at approximately $30,000. Millennium Management LLC bought a new position in Ocugen in the fourth quarter valued at $138,000. Wellington Management Group LLP lifted its stake in shares of Ocugen by 10.5% during the 4th quarter. Wellington Management Group LLP now owns 507,495 shares of the company's stock worth $409,000 after buying an additional 48,393 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Ocugen by 6.4% during the first quarter. Rhumbline Advisers now owns 345,130 shares of the company's stock worth $244,000 after acquiring an additional 20,655 shares during the period. Institutional investors and hedge funds own 10.27% of the company's stock.

About Ocugen

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients' health. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.

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