Ocugen (NASDAQ:OCGN) Trading 2.1% Higher – Time to Buy?

Ocugen, Inc. (NASDAQ:OCGN) rose 2.1% during trading on Tuesday . The stock traded as high as $1.4450 and last traded at $1.44. Approximately 2,422,354 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 4,055,828 shares. The stock had previously closed at $1.41.

Wall Street Analyst Weigh In

OCGN has been the topic of several research analyst reports. Chardan Capital restated a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research note on Tuesday, January 20th. Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research report on Thursday, January 22nd. Two research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $7.00.

Ocugen Stock Up 2.1%

The firm has a market capitalization of $449.74 million, a price-to-earnings ratio of -6.55 and a beta of 3.49. The business has a 50 day moving average of $1.49 and a 200 day moving average of $1.36. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.85 and a quick ratio of 1.85.

Institutional Trading of Ocugen

Several institutional investors have recently made changes to their positions in the business. UBS Group AG raised its position in Ocugen by 373.2% in the fourth quarter. UBS Group AG now owns 4,849,353 shares of the company’s stock worth $6,547,000 after purchasing an additional 3,824,474 shares in the last quarter. State Street Corp grew its stake in shares of Ocugen by 193.6% in the 4th quarter. State Street Corp now owns 3,978,738 shares of the company’s stock valued at $5,371,000 after purchasing an additional 2,623,361 shares during the period. Marshall Wace LLP bought a new stake in shares of Ocugen in the 4th quarter valued at approximately $3,417,000. Goldman Sachs Group Inc. raised its holdings in shares of Ocugen by 2,256.4% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,302,475 shares of the company’s stock worth $3,108,000 after buying an additional 2,204,765 shares in the last quarter. Finally, Renaissance Technologies LLC raised its holdings in shares of Ocugen by 485.9% in the 4th quarter. Renaissance Technologies LLC now owns 1,700,400 shares of the company’s stock worth $2,296,000 after buying an additional 1,410,200 shares in the last quarter. 10.27% of the stock is currently owned by institutional investors and hedge funds.

About Ocugen

Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.

In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.