Ocugen (NASDAQ:OCGN) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS

Ocugen (NASDAQ:OCGN) announced its quarterly earnings data on Wednesday. The company reported ($0.07) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01), Zacks reports. Ocugen had a negative net margin of 1,197.71% and a negative return on equity of 255.25%. The business had revenue of $1.75 million for the quarter, compared to the consensus estimate of $0.44 million.

Ocugen Price Performance

NASDAQ OCGN traded down $0.02 on Friday, reaching $1.36. 6,109,626 shares of the stock traded hands, compared to its average volume of 4,619,395. Ocugen has a 12 month low of $0.52 and a 12 month high of $1.90. The company has a market cap of $397.53 million, a price-to-earnings ratio of -6.80 and a beta of 4.15. The firm’s fifty day simple moving average is $1.45 and its 200 day simple moving average is $1.12. The company has a quick ratio of 1.83, a current ratio of 1.83 and a debt-to-equity ratio of 9.18.

Institutional Investors Weigh In On Ocugen

Institutional investors and hedge funds have recently bought and sold shares of the business. NewEdge Advisors LLC raised its holdings in shares of Ocugen by 198.0% in the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock worth $36,000 after purchasing an additional 24,460 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Ocugen by 56.7% in the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock valued at $36,000 after buying an additional 13,326 shares in the last quarter. Jump Financial LLC bought a new position in shares of Ocugen in the second quarter valued at $57,000. Creative Planning acquired a new stake in shares of Ocugen during the 2nd quarter valued at $57,000. Finally, Tower Research Capital LLC TRC boosted its stake in shares of Ocugen by 208.4% during the 2nd quarter. Tower Research Capital LLC TRC now owns 72,776 shares of the company’s stock worth $71,000 after acquiring an additional 49,177 shares in the last quarter. 10.27% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on OCGN. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Ocugen in a report on Wednesday, October 8th. Chardan Capital reiterated a “buy” rating and issued a $7.00 target price on shares of Ocugen in a research note on Friday, September 19th. Finally, Wall Street Zen raised shares of Ocugen from a “sell” rating to a “hold” rating in a report on Saturday, September 20th. Two analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $7.00.

About Ocugen

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients’ health. The company’s pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.