Ocugen (NASDAQ:OCGN) Shares Break Above 50-Day Moving Average - Should You Sell?

Key Points

• Ocugen shares rose 5.1% and moved above their 50-day moving average of about $0.97, last trading at $0.9721 on volume of 9.3 million shares.
• Analyst coverage is mixed but leans positive: four analysts rate the stock Buy and one rates it Sell, for a consensus “Moderate Buy” and a $9.50 price target.
• Insiders have sold about 1.05 million shares worth $1.09 million over the past three months; institutional investors own 10.27% of the stock.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report)'s stock price crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $0.97 and traded as high as $0.9942. Ocugen shares last traded at $0.9721, with a volume of 9,344,732 shares trading hands.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen upgraded Ocugen from a "sell" rating to a "hold" rating in a report on Saturday. Weiss Ratings upgraded Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $9.50.

Ocugen Trading Up 5.1%

The company has a debt-to-equity ratio of 4.17, a current ratio of 0.80 and a quick ratio of 0.80. The firm's 50 day moving average is $0.97 and its 200 day moving average is $1.40. The company has a market capitalization of $329.65 million, a PE ratio of -4.86 and a beta of 2.04.

Insiders Place Their Bets

In other Ocugen news, CEO Shankar Musunuri sold 57,264 shares of the firm's stock in a transaction on Friday, October 9th. The shares were sold at an average price of $0.95, for a total value of $54,400.80. Following the sale, the chief executive officer owned 1,030,771 shares of the company's stock, valued at $979,232.45. This trade represents a 5.26% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 1,051,982 shares of company stock worth $1,088,801. Corporate insiders own 3.95% of the company's stock.

Hedge Funds Weigh In On Ocugen

Hedge funds and other institutional investors have recently modified their holdings of the company. Diversify Advisory Services LLC bought a new stake in shares of Ocugen in the second quarter worth about $25,000. GTS Securities LLC purchased a new position in Ocugen during the 2nd quarter valued at about $27,000. Engineers Gate Manager LP raised its position in Ocugen by 70.2% during the 2nd quarter. Engineers Gate Manager LP now owns 18,368 shares of the company's stock valued at $28,000 after purchasing an additional 7,577 shares during the last quarter. CTC Alternative Strategies Ltd. bought a new position in Ocugen during the 1st quarter valued at approximately $34,000. Finally, Legal & General Group Plc bought a new position in Ocugen during the 2nd quarter valued at approximately $51,000. 10.27% of the stock is owned by institutional investors.

About Ocugen

Ocugen, Inc NASDAQ: OCGN is a biotechnology company focused on developing gene and cell therapies for blindness diseases and vaccines for infectious diseases. The company's programs are designed to address serious conditions with limited treatment options, including inherited retinal diseases and diseases affecting the central retina.

Ocugen's pipeline includes modifier gene therapy candidates intended to treat multiple retinal disorders with a single therapeutic approach. Its lead programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease.

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