Ocugen (NASDAQ:OCGN) Trading Up 1.3% - Still a Buy?

Key Points

• Ocugen's stock rose by 1.3% to $1.62, with a notable decline in trading volume, which was 68% less than the average.
• Wall Street analysts maintain a consensus rating of "Hold" with a target price of $7.00, with two analysts rating it as a "Buy" and one as a "Sell."
• Ocugen recently reported earnings with revenues of $1.37 million, outperforming analyst estimates and showing a smaller loss per share than expected.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) was up 1.3% during trading on Monday . The company traded as high as $1.65 and last traded at $1.62. Approximately 2,521,470 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 7,833,114 shares. The stock had previously closed at $1.60.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on OCGN shares. Chardan Capital reiterated a "buy" rating and issued a $7.00 target price on shares of Ocugen in a research report on Friday, September 19th. Wall Street Zen upgraded Ocugen from a "sell" rating to a "hold" rating in a research report on Saturday, September 20th. HC Wainwright restated a "buy" rating and issued a $7.00 price objective on shares of Ocugen in a research report on Tuesday, June 24th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of Ocugen in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Ocugen presently has a consensus rating of "Hold" and an average price target of $7.00.

Ocugen Trading Up 1.3%

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 firm has a market cap of $473.53 million, a PE ratio of -8.10 and a beta of 4.20. The company has a 50-day simple moving average of $1.32 and a 200 day simple moving average of $1.05.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.06) by $0.01. The firm had revenue of $1.37 million for the quarter, compared to analyst estimates 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, sell-side 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 and other institutional investors have recently added to or reduced their stakes in OCGN. GMT Capital Corp lifted its holdings in Ocugen by 69.2% during the first quarter. GMT Capital Corp now owns 4,153,798 shares of the company's stock valued at $2,934,000 after purchasing an additional 1,698,840 shares in the last quarter. Nuveen LLC purchased a new position in Ocugen during the first quarter valued at $535,000. Brevan Howard Capital Management LP purchased a new position in Ocugen during the second quarter valued at $499,000. GSA Capital Partners LLP lifted its holdings in Ocugen by 43.0% during the first quarter. GSA Capital Partners LLP now owns 1,638,033 shares of the company's stock valued at $1,157,000 after purchasing an additional 492,300 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in Ocugen during the second quarter valued at $333,000. 10.27% of the stock is owned by hedge funds and other institutional investors.

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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