Ocugen (NASDAQ:OCGN) Stock Price Up 3% - Here's Why

Key Points

• Ocugen's stock price increased by 3% during trading, closing at $1.04 after reaching a high of $1.06, with trading volume up by 9% compared to its daily average.
• Analysts maintain a consensus rating of "Buy" for Ocugen with a target price of $6.00, and multiple analysts, including Chardan Capital and HC Wainwright, have issued buy ratings.
• In its latest earnings report, Ocugen beat consensus estimates with a revenue of $1.37 million and earnings per share of ($0.05), although it still has a negative net margin of 1,197.71%.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report)'s share price rose 3% during trading on Monday . The company traded as high as $1.06 and last traded at $1.04. Approximately 2,468,588 shares changed hands during mid-day trading, an increase of 9% from the average daily volume of 2,275,161 shares. The stock had previously closed at $1.01.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on OCGN shares. Chardan Capital reissued a "buy" rating and set a $7.00 target price on shares of Ocugen in a research note on Monday, August 4th. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of Ocugen in a research note on Tuesday, June 24th. Three research analysts have rated the stock with a Buy rating, According to MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $6.00.

Ocugen Stock 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 firm's 50 day moving average is $1.03 and its 200-day moving average is $0.84. The firm has a market cap of $304.00 million, a price-to-earnings ratio of -5.20 and a beta of 3.84.

Ocugen (NASDAQ:OCGN - Get Free Report) last released its quarterly earnings data on Friday, August 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $1.37 million during the quarter, compared to analyst estimates of $0.35 million. Sell-side analysts anticipate that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocugen

Several institutional investors and hedge funds have recently modified their holdings of OCGN. Renaissance Technologies LLC acquired a new stake in shares of Ocugen in the 4th quarter valued at $1,681,000. GMT Capital Corp lifted its position in Ocugen by 69.2% during the 1st quarter. GMT Capital Corp now owns 4,153,798 shares of the company's stock worth $2,934,000 after acquiring an additional 1,698,840 shares during the last quarter. Nuveen LLC acquired a new position in Ocugen during the 1st quarter worth $535,000. Brevan Howard Capital Management LP acquired a new position in Ocugen during the 2nd quarter worth $499,000. Finally, GSA Capital Partners LLP lifted its position in Ocugen by 43.0% during the 1st quarter. GSA Capital Partners LLP now owns 1,638,033 shares of the company's stock worth $1,157,000 after acquiring an additional 492,300 shares during the last quarter. 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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