Ocugen (NASDAQ:OCGN) Reaches New 52-Week High - Time to Buy?

Key Points

• Ocugen's stock price reached a new 52-week high of $1.78, closing last at $1.74 with a trading volume of over 2.8 million shares.
• Analysts maintain a "buy" rating for Ocugen, with price targets set at $7.00 by Chardan Capital and HC Wainwright, and a consensus target price of $6.00.
• Ocugen reported an earnings beat with $1.37 million in revenue for the last quarter, significantly exceeding the $0.35 million consensus estimate.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report)'s share price reached a new 52-week high on Wednesday . The company traded as high as $1.78 and last traded at $1.74, with a volume of 2833810 shares trading hands. The stock had previously closed at $1.66.

Wall Street Analysts Forecast Growth

OCGN has been the topic of a number of analyst reports. Chardan Capital restated a "buy" rating and issued a $7.00 price target on shares of Ocugen in a research note on Friday, September 19th. HC Wainwright restated a "buy" rating and issued a $7.00 price target on shares of Ocugen in a research note on Tuesday, June 24th. Finally, Wall Street Zen upgraded Ocugen from a "sell" rating to a "hold" rating in a research report on Saturday. Three investment analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $6.00.

Ocugen Price Performance

The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.83 and a current ratio of 1.83. The stock has a market capitalization of $492.53 million, a price-to-earnings ratio of -8.37 and a beta of 4.15. The company has a 50-day moving average of $1.08 and a 200-day moving average of $0.91.

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, beating the consensus estimate of ($0.06) by $0.01. The company had revenue of $1.37 million during the quarter, compared to the consensus estimate of $0.35 million. Ocugen had a negative return on equity of 255.25% and a negative net margin of 1,197.71%. As a group, equities research analysts expect that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Trading of Ocugen

A number of institutional investors have recently added to or reduced their stakes in OCGN. Vanguard Personalized Indexing Management LLC boosted its position in Ocugen by 48.8% in the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company's stock valued at $29,000 after buying an additional 9,791 shares during the last quarter. NewEdge Advisors LLC boosted its position 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 buying an additional 24,460 shares during the last quarter. BNP Paribas Financial Markets boosted its position in Ocugen by 56.7% in the 2nd quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company's stock valued at $36,000 after buying an additional 13,326 shares during the last quarter. Ameriprise Financial Inc. purchased a new position in Ocugen in the 4th quarter valued at about $30,000. Finally, Baader Bank Aktiengesellschaft boosted its position in Ocugen by 108.8% in the 2nd quarter. Baader Bank Aktiengesellschaft now owns 38,142 shares of the company's stock valued at $37,000 after buying an additional 19,876 shares during the last quarter. 10.27% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.