Ocugen (NASDAQ:OCGN) Shares Gap Down on Disappointing Earnings

Key Points

• Ocugen shares gapped down (about 19.7%) to open at $1.5520 and last traded near $1.505 after reporting quarterly EPS of ($0.06), missing the consensus ($0.05) by $0.01.
• Analyst coverage is mixed but the consensus is a Moderate Buy with an average price target of $9.75 (four Buy ratings vs. one Sell).
• Fundamentals remain strained: an extreme negative net margin (1,192.18%) and ROE (2,626.38%), high debt-to-equity (8.04), market cap around $502.7M, and institutional ownership of about 10.3%.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report)'s stock price gapped down before the market opened on Tuesday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $1.85, but opened at $1.5520. Ocugen shares last traded at $1.5050, with a volume of 7,792,677 shares changing hands.

The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%.

Analysts Set New Price Targets

OCGN has been the topic of a number of recent research reports. Canaccord Genuity Group initiated coverage on shares of Ocugen in a research note on Tuesday, March 17th. They set a "buy" rating and a $12.00 price target on the stock. Weiss Ratings reiterated a "sell (e+)" rating on shares of Ocugen in a research report on Thursday, January 22nd. Chardan Capital reiterated a "buy" rating and set a $7.00 price objective on shares of Ocugen in a research report on Wednesday, March 25th. HC Wainwright raised their target price on shares of Ocugen from $7.00 to $10.00 and gave the stock a "buy" rating in a report on Wednesday, March 25th. Finally, Oppenheimer began coverage on shares of Ocugen in a report on Wednesday, March 11th. They issued an "outperform" rating and a $10.00 target price for the company. Four analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Ocugen currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.75.

Institutional Investors Weigh In On Ocugen

Institutional investors have recently made changes to their positions in the company. SmartHarvest Portfolios LLC bought a new stake in shares of Ocugen in the 4th quarter worth about $31,000. Schonfeld Strategic Advisors LLC bought a new stake in shares of Ocugen in the 4th quarter worth about $38,000. Verdence Capital Advisors LLC bought a new stake in shares of Ocugen in the 3rd quarter worth about $47,000. Cora Capital Advisors LLC lifted its holdings in shares of Ocugen by 27.5% in the 4th quarter. Cora Capital Advisors LLC now owns 30,143 shares of the company's stock worth $41,000 after acquiring an additional 6,500 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in shares of Ocugen by 28,222.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 30,305 shares of the company's stock worth $41,000 after purchasing an additional 30,198 shares during the last quarter. Institutional investors own 10.27% of the company's stock.

Ocugen Trading Down 19.7%

The stock's fifty day moving average price is $1.88 and its 200 day moving average price is $1.59. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $502.70 million, a P/E ratio of -6.46 and a beta of 2.30.

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.

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