Is Ocugen Inc. (NASDAQ: OCGN) Back In The Buying Zone?

DE Stock
DE Stock

Empery Asset Management LP recently announced the acquisition of new stake in Ocugen Inc. (NASDAQ:OCGN). The institutional investor has increased its shareholding in the Healthcare company by 898.79% to 7.45 million shares with purchase of 6.7 million shares. This fresh investment now brings its stake to 5.52% valued currently at $3.84 million. In addition, Citadel Advisors LLC raised its holdings by 0.34 million to 0.47 million shares.

With over 18.37 million Ocugen Inc. (OCGN) shares trading Monday and a closing price of $0.35 on the day, the dollar volume was approximately $6.43 million. The shares have shown a negative weekly performance of -15.07% and its price on 08/31/20 lost nearly -12.95%. Currently, there are 135.01M common shares owned by the public and among those 121.38M shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 2 analysts who have offered their price forecasts for OCGN have a consensus price objective of $0.70. The analysts have set the share’s price value over the next 12 months at a high of $0.70 and a low of $0.70 should the stock experience a downside. Incidentally, analysts’ outlook for the Ocugen Inc. stock is 2.50 for the next 12 months. But an upside of 50.0% will see the stock hit the forecast high price target while mean target price for the stock is $0.70.

Insiders at the company have transacted a total of 0 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 0 of these insider trades were purchases, accounting for 0 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 shares.

The top 3 mutual fund holders in Ocugen Inc. are Vanguard Extended Market Index Fu, Fidelity Extended Market Index Fu, and USAA Extended Market Index Fund. Vanguard Extended Market Index Fu owns 0.33 million shares of the company’s stock, all valued at over $0.17 million. USAA Extended Market Index Fund bought 9566.0 shares to bring its total holdings to over 16494.0 shares at a value of $8494.0. USAA Extended Market Index Fund now owns shares totaling to 0.01% of the shares outstanding.

Shares of Ocugen Inc. (NASDAQ: OCGN) opened at $0.3934, down -$0.01 from a prior closing price of $0.40. However, the script later closed the day at $0.35, down -12.95%. The company’s stock has a 5-day price change of -15.07% and 57.91% over the past three months. OCGN shares are trading -33.04% year to date (YTD), with the 12-month market performance down to -97.58% lower. It has a 12-month low price of $0.17 and touched a high of $17.40 over the same period. Currently, 18.37 million shares have been traded, compared to an average intraday trading volume of 34.49 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -31.26%, -9.21%, and -13.24% respectively.

Institutional ownership of Ocugen Inc. (NASDAQ: OCGN) shares accounts for 7.40% of the company’s 135.01M shares outstanding. Mutual fund holders own 3.87%, while other institutional holders and individual stakeholders account for 7.00% and 0.40% respectively.

It has a market capitalization of $47.70M and a beta (3y monthly) value of 2.69. The earnings-per-share (ttm) stands at -$3.50. Price movements for the stock have been influenced by the stock’s volatility, which stands at 13.29% over the week and 12.73% over the month.

Analysts forecast that Ocugen Inc. (OCGN) will achieve an EPS of -$0.02 for the current quarter, -$0.02 for the next quarter and -$0.11 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.02 while analysts give the company a high EPS estimate of -$0.02. Comparatively, EPS for the current quarter was -$4.8 a year ago. Earnings per share for the fiscal year are expected to increase by 89.60%, and 60.70% over the next financial year.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 2 brokerage firm advisors rate Ocugen Inc. (OCGN) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 2 advise that investors “hold,” and 0 rated it as a “Sell.”


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