Ocugen (NASDAQ:OCGN) Shares Up 5.3%

Ocugen, Inc. (NASDAQ:OCGN)’s stock price shot up 5.3% during trading on Friday . The company traded as high as $8.04 and last traded at $8.01. 103,382 shares changed hands during trading, a decline of 100% from the average session volume of 49,066,641 shares. The stock had previously closed at $7.61.

A number of research firms have recently commented on OCGN. Zacks Investment Research cut Ocugen from a “hold” rating to a “sell” rating in a research report on Tuesday, September 21st. Chardan Capital dropped their target price on Ocugen from $8.00 to $4.50 and set a “neutral” rating on the stock in a research report on Thursday, June 10th. Noble Financial assumed coverage on shares of Ocugen in a research note on Monday, July 26th. They issued a “buy” rating and a $6.80 price target on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $10.00 price target on shares of Ocugen in a research note on Monday, August 9th. Finally, Roth Capital lowered shares of Ocugen from a “buy” rating to a “neutral” rating and decreased their price target for the company from $10.00 to $6.00 in a research note on Thursday, June 10th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $7.38.

The company has a debt-to-equity ratio of 0.01, a quick ratio of 25.13 and a current ratio of 25.13. The stock’s 50 day simple moving average is $7.41 and its two-hundred day simple moving average is $7.94. The firm has a market capitalization of $1.50 billion, a PE ratio of -24.29 and a beta of 4.47.

Ocugen (NASDAQ:OCGN) last released its earnings results on Friday, August 6th. The company reported ($0.13) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.10). Equities research analysts expect that Ocugen, Inc. will post -0.25 earnings per share for the current fiscal year.

In other news, Director Ramesh Kumar sold 7,500 shares of Ocugen stock in a transaction that occurred on Monday, July 19th. The shares were sold at an average price of $6.40, for a total transaction of $48,000.00. Following the sale, the director now owns 7,500 shares of the company’s stock, valued at approximately $48,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Shankar Musunuri sold 125,000 shares of Ocugen stock in a transaction that occurred on Wednesday, September 15th. The shares were sold at an average price of $7.52, for a total transaction of $940,000.00. The disclosure for this sale can be found here. Insiders sold a total of 173,586 shares of company stock worth $1,264,376 over the last three months. Corporate insiders own 3.65% of the company’s stock.

A number of institutional investors have recently bought and sold shares of the stock. BlackRock Inc. increased its holdings in Ocugen by 278.1% in the 2nd quarter. BlackRock Inc. now owns 12,938,916 shares of the company’s stock valued at $103,899,000 after purchasing an additional 9,516,445 shares during the last quarter. State Street Corp increased its holdings in Ocugen by 115.7% in the 2nd quarter. State Street Corp now owns 10,855,970 shares of the company’s stock valued at $87,173,000 after purchasing an additional 5,822,035 shares during the last quarter. Vanguard Group Inc. increased its holdings in Ocugen by 28.2% in the 2nd quarter. Vanguard Group Inc. now owns 10,387,531 shares of the company’s stock valued at $83,412,000 after purchasing an additional 2,283,004 shares during the last quarter. Geode Capital Management LLC increased its holdings in Ocugen by 94.6% in the 2nd quarter. Geode Capital Management LLC now owns 3,182,834 shares of the company’s stock valued at $25,558,000 after purchasing an additional 1,547,662 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new position in shares of Ocugen in the second quarter worth $19,599,000. Hedge funds and other institutional investors own 28.49% of the company’s stock.

About Ocugen (NASDAQ:OCGN)

Ocugen, Inc is a biopharmaceutical company, which engages in the development and commercialization of therapies to cure eye diseases. Its product pipeline candidates include OCU400, OCU410, OCU200, and COVAXIN. The firm’s modifier gene therapy platform is engaged in addressing retinal diseases, including retinitis pigmentosa, leber congenital amaurosis, and dry age-related macular degeneration.

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