Ocugen (NASDAQ:OCGN) Shares Down 7.4% - Should You Sell?

Key Points

• Ocugen shares dropped 7.4%, with the stock trading as low as $1.71 and averaging a trading volume decline of 24% from typical levels.
• Research ratings for Ocugen show a mix of opinions, with a consensus of Moderate Buy and price targets ranging from $6.00 to $7.00.
• In its latest earnings report, Ocugen outperformed expectations with a reported loss of ($0.05) EPS, exceeding the predicted loss of ($0.06).

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) shares fell 7.4% during trading on Friday . The stock traded as low as $1.71 and last traded at $1.70. 3,530,054 shares traded hands during trading, a decline of 24% from the average session volume of 4,639,138 shares. The stock had previously closed at $1.83.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OCGN. Wall Street Zen raised shares of Ocugen from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. HC Wainwright reissued a "buy" rating and set a $7.00 price target on shares of Ocugen in a research note on Tuesday, June 24th. Weiss Ratings reissued a "sell (e+)" rating on shares of Ocugen in a research note on Wednesday. Finally, Chardan Capital reissued a "buy" rating and set a $7.00 price target on shares of Ocugen in a research note on Friday, September 19th. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Ocugen presently has an average rating of "Moderate Buy" and a consensus price target of $6.00.

Ocugen Stock Down 6.8%

The business's fifty day simple moving average is $1.23 and its 200 day simple moving average is $1.00. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 9.18. The stock has a market cap of $498.38 million, a price-to-earnings ratio of -8.52 and a beta of 4.20.

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

Hedge Funds Weigh In On Ocugen

Several hedge funds have recently added to or reduced their stakes in OCGN. Tower Research Capital LLC TRC raised its holdings in Ocugen by 208.4% in the second quarter. Tower Research Capital LLC TRC now owns 72,776 shares of the company's stock worth $71,000 after purchasing an additional 49,177 shares during the period. BNP Paribas Financial Markets raised its holdings in Ocugen by 56.7% in the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company's stock worth $36,000 after purchasing an additional 13,326 shares during the period. Brevan Howard Capital Management LP acquired a new stake in Ocugen in the second quarter worth $499,000. NewEdge Advisors LLC raised its holdings in Ocugen by 198.0% in the second 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 period. Finally, Qube Research & Technologies Ltd acquired a new stake in Ocugen in the second quarter worth $188,000. Institutional investors and hedge funds own 10.27% of the company's stock.

Ocugen Company Profile

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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