Traders Buy High Volume of Ocugen Call Options (NASDAQ:OCGN)

Key Points

• Ocugen, Inc. experienced a significant increase in options trading, with traders buying 4,393 call options, representing a 163% rise from the average volume.
• Research analysts are optimistic about Ocugen, with multiple firms maintaining a "buy" rating and a common price target of $7.00.
• Institutional investors are actively participating in Ocugen's stock, with notable increases in holdings, including Northwestern Mutual acquiring a new position valued at $28,000.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) saw unusually large options trading on Wednesday. Stock traders bought 4,393 call options on the company. This is an increase of approximately 163% compared to the average volume of 1,671 call options.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on OCGN shares. HC Wainwright reiterated a "buy" rating and set a $7.00 price objective on shares of Ocugen in a report on Tuesday, June 24th. Chardan Capital reiterated a "buy" rating and set a $7.00 price objective on shares of Ocugen in a report on Friday, September 19th. Finally, Wall Street Zen upgraded Ocugen from a "sell" rating to a "hold" rating in a research note on Saturday, September 20th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the company presently has an average rating of "Buy" and an average price target of $6.00.

Hedge Funds Weigh In On Ocugen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in OCGN. Northwestern Mutual Wealth Management Co. acquired a new position in Ocugen in the 1st quarter valued at $28,000. Vanguard Personalized Indexing Management LLC grew its position in Ocugen by 48.8% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 29,871 shares of the company's stock worth $29,000 after acquiring an additional 9,791 shares during the last quarter. Ameriprise Financial Inc. bought a new stake in Ocugen during the 4th quarter worth $30,000. BNP Paribas Financial Markets bought a new stake in Ocugen during the 4th quarter worth $30,000. Finally, NewEdge Advisors LLC grew its position in Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company's stock worth $36,000 after acquiring an additional 24,460 shares during the last quarter. 10.27% of the stock is owned by institutional investors and hedge funds.

Ocugen Stock Performance

NASDAQ:OCGN traded up $0.08 during mid-day trading on Wednesday, hitting $1.71. 2,093,198 shares of the stock were exchanged, compared to its average volume of 4,510,243. The stock has a market capitalization of $498.38 million, a price-to-earnings ratio of -8.52 and a beta of 4.15. The firm's 50-day simple moving average is $1.13 and its 200 day simple moving average is $0.94. The company has a debt-to-equity ratio of 9.18, a quick ratio of 1.83 and a current ratio of 1.83. Ocugen has a fifty-two week low of $0.52 and a fifty-two week high of $1.78.

Ocugen (NASDAQ:OCGN - Get Free Report) last released its quarterly earnings results on Friday, August 1st. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.01. The business had revenue of $1.37 million during the quarter, compared to analysts' expectations 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, equities analysts anticipate that Ocugen will post -0.2 EPS for the current fiscal year.

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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