Ocugen (NASDAQ:OCGN) Trading 3% Higher - Still a Buy?

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 stock price shot up 3% on Monday . The stock traded as high as $1.06 and last traded at $1.04. 2,468,588 shares traded hands during trading, an increase of 9% from the average session volume of 2,275,161 shares. The stock had previously closed at $1.01.

Analyst Ratings Changes

Several research firms have recently weighed in on OCGN. Chardan Capital reaffirmed a "buy" rating and set a $7.00 target price on shares of Ocugen in a report on Monday, August 4th. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Ocugen in a report on Tuesday, June 24th. Three analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $6.00.

Ocugen Stock Performance

The company has a market cap of $298.15 million, a PE ratio of -5.10 and a beta of 3.84. The firm's fifty day moving average is $1.03 and its 200 day moving average is $0.85. The company has a current ratio of 1.83, a quick ratio of 1.83 and a debt-to-equity ratio of 9.18.

Ocugen (NASDAQ:OCGN - Get Free Report) last issued its quarterly earnings results on Friday, August 1st. The company reported ($0.05) EPS for the quarter, topping 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 company had revenue of $1.37 million during the quarter, compared to analyst estimates of $0.35 million. As a group, research analysts predict that Ocugen, Inc. will post -0.2 EPS for the current fiscal year.

Institutional Investors Weigh In On Ocugen

Large investors have recently modified their holdings of the business. Ameriprise Financial Inc. purchased a new stake in shares of Ocugen during the fourth quarter worth $30,000. Invesco Ltd. grew its holdings in shares of Ocugen by 39.0% during the fourth quarter. Invesco Ltd. now owns 173,553 shares of the company's stock worth $140,000 after buying an additional 48,679 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Ocugen by 10.5% during the fourth 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 in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Ocugen by 149.2% during the fourth quarter. JPMorgan Chase & Co. now owns 296,615 shares of the company's stock worth $239,000 after buying an additional 177,594 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Ocugen by 10.4% during the fourth quarter. Northern Trust Corp now owns 2,407,137 shares of the company's stock worth $1,938,000 after buying an additional 227,150 shares in the last quarter. Hedge funds and other institutional investors 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.