The Vanguard Group, Inc. recently announced the acquisition of new stake in Ocugen Inc (NASDAQ:OCGN). The institutional investor has increased its shareholding in the Healthcare company by 1.02% to 11.8 million shares with purchase of 0.12 million shares. This fresh investment now brings its stake to 4.60% valued currently at $4.57 million. In addition, Northern Trust Investments, Inc. raised its holdings by 55113.0 to 0.44 million shares.
With over 14.11 million Ocugen Inc (OCGN) shares trading Tuesday and a closing price of $0.66 on the day, the dollar volume was approximately $9.31 million. The shares have shown a positive half year performance of 16.76% and its price on 01/02/24 gained nearly 14.37%. Currently, there are 256.50M common shares owned by the public and among those 250.57M shares have been available to trade.
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The top 3 mutual fund holders in Ocugen Inc are Vanguard Total Stock Market ETF, Vanguard Extended Market Index Fu, and JPMorgan Funds – Thematics – Gene. Vanguard Total Stock Market ETF owns 7.6 million shares of the company’s stock, all valued at over $2.94 million. Vanguard Extended Market Index Fu bought 41001.0 shares to see its total holdings expand to 3.11 million shares valued at over $1.2 million and representing 1.21% of the shares outstanding. JPMorgan Funds – Thematics – Gene sold 78891.0 shares to bring its total holdings to over 3.01 million shares at a value of $1.17 million. JPMorgan Funds – Thematics – Gene now owns shares totaling to 1.18% of the shares outstanding.
Shares of Ocugen Inc (NASDAQ: OCGN) opened at $0.586, up $0.02 from a prior closing price of $0.57. However, the script later moved the day high at 0.6772, up 14.37%. The company’s stock has a 5-day price change of 46.13% and 64.24% over the past three months. OCGN shares are trading 14.37% year to date (YTD), with the 12-month market performance down to -47.81% lower. It has a 12-month low price of $0.34 and touched a high of $1.55 over the same period. OCGN has an average intraday trading volume of 1.99 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 56.36%, 65.96%, and 22.94% respectively.
Institutional ownership of Ocugen Inc (NASDAQ: OCGN) shares accounts for 12.93% of the company’s 256.50M shares outstanding. Mutual fund holders own 5.76%, while other institutional holders and individual stakeholders account for 7.17% and 2.75% respectively.
It has a market capitalization of $168.67M and a beta (3y monthly) value of 3.67. The earnings-per-share (ttm) stands at -$0.32. Price movements for the stock have been influenced by the stock’s volatility, which stands at 11.37% over the week and 6.26% over the month.
Analysts forecast that Ocugen Inc (OCGN) will achieve an EPS of -$0.06 for the current quarter, -$0.06 for the next quarter and -$0.27 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.07 while analysts give the company a high EPS estimate of -$0.06. Comparatively, EPS for the current quarter was -$0.1 a year ago. Earnings per share for the fiscal year are expected to increase by 25.44%, and 0.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Ocugen Inc (OCGN) as a “Strong Buy” at a consensus score of 1.00. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 0 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the OCGN, a number of firms have released research notes about the stock. Chardan Capital Markets stated their Buy rating for the stock in a research note on March 01, 2023, with the firm’s price target at $3.50.
