Ocugen (NASDAQ:OCGN) Shares Gap Up – Time to Buy?

Shares of Ocugen, Inc. (NASDAQ:OCGN) gapped up prior to trading on Friday . The stock had previously closed at $2.34, but opened at $2.46. Ocugen shares last traded at $2.6550, with a volume of 5,952,346 shares changing hands.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Chardan Capital reiterated a “buy” rating and set a $7.00 target price on shares of Ocugen in a research report on Thursday, March 5th. Wall Street Zen lowered shares of Ocugen from a “hold” rating to a “sell” rating in a research report on Saturday, March 7th. Oppenheimer assumed coverage on shares of Ocugen in a research note on Wednesday. They set an “outperform” rating and a $10.00 price target for the company. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Ocugen in a research note on Thursday, January 22nd. Three research 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 stock currently has an average rating of “Moderate Buy” and a consensus target price of $8.00.

Ocugen Price Performance

The company’s 50 day moving average price is $1.65 and its 200 day moving average price is $1.47. The company has a debt-to-equity ratio of 8.04, a quick ratio of 1.06 and a current ratio of 1.06. The company has a market cap of $813.18 million, a price-to-earnings ratio of -10.78 and a beta of 2.75.

Ocugen (NASDAQ:OCGN) last announced its earnings results on Wednesday, March 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.06). Ocugen had a negative net margin of 1,192.18% and a negative return on equity of 2,626.38%. The business had revenue of ($0.19) million during the quarter, compared to analysts’ expectations of $0.86 million. On average, equities research analysts predict that Ocugen, Inc. will post -0.2 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Creative Planning acquired a new position in shares of Ocugen in the 2nd quarter worth approximately $57,000. Catalyst Funds Management Pty Ltd acquired a new stake in Ocugen during the 2nd quarter valued at $130,000. XTX Topco Ltd bought a new position in Ocugen in the 2nd quarter valued at $203,000. Rinkey Investments raised its position in Ocugen by 1.2% in the 2nd quarter. Rinkey Investments now owns 1,179,006 shares of the company’s stock valued at $1,144,000 after purchasing an additional 14,500 shares during the last quarter. Finally, Jump Financial LLC acquired a new position in Ocugen in the second quarter worth $57,000. Institutional investors own 10.27% of the company’s stock.

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.