Ocugen, Inc. (NASDAQ:OCGN) Short Interest Update

Ocugen, Inc. (NASDAQ:OCGN) saw a large growth in short interest during the month of March. As of March 31st, there was short interest totaling 64,754,908 shares, a growth of 23.7% from the March 15th total of 52,358,943 shares. Based on an average daily volume of 12,231,366 shares, the days-to-cover ratio is presently 5.3 days. Currently, 20.7% of the company’s stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have issued reports on OCGN. HC Wainwright lifted their price objective on Ocugen from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Wednesday, March 25th. Oppenheimer began coverage on Ocugen in a report on Wednesday, March 11th. They set an “outperform” rating and a $10.00 price objective on the stock. Wall Street Zen downgraded Ocugen from a “hold” rating to a “sell” rating in a report on Saturday, April 4th. Chardan Capital restated a “buy” rating and set a $7.00 price objective on shares of Ocugen in a report on Wednesday, March 25th. Finally, Canaccord Genuity Group began coverage on Ocugen in a report on Tuesday, March 17th. They set a “buy” rating and a $12.00 price objective on the stock. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Ocugen presently has an average rating of “Moderate Buy” and a consensus price target of $9.75.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in OCGN. Creative Planning acquired a new position in Ocugen during the 2nd quarter valued at approximately $57,000. XTX Topco Ltd acquired a new position in Ocugen during the 2nd quarter valued at approximately $203,000. Jump Financial LLC acquired a new position in Ocugen during the 2nd quarter valued at approximately $57,000. Qube Research & Technologies Ltd acquired a new position in Ocugen during the 2nd quarter valued at approximately $188,000. Finally, NewEdge Advisors LLC boosted its position in Ocugen by 198.0% during the 2nd quarter. NewEdge Advisors LLC now owns 36,814 shares of the company’s stock valued at $36,000 after purchasing an additional 24,460 shares during the period. Institutional investors and hedge funds own 10.27% of the company’s stock.

Ocugen Stock Performance

OCGN traded down $0.02 during trading hours on Thursday, hitting $1.93. 4,752,377 shares of the stock were exchanged, compared to its average volume of 7,617,674. The company has a debt-to-equity ratio of 8.04, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a 50-day simple moving average of $1.81 and a 200-day simple moving average of $1.58. Ocugen has a 12 month low of $0.64 and a 12 month high of $2.73. The stock has a market cap of $632.85 million, a price-to-earnings ratio of -8.39 and a beta of 2.80.

Ocugen (NASDAQ:OCGN) last issued 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 firm had revenue of ($0.19) million for the quarter, compared to analysts’ expectations of $0.86 million. Analysts anticipate that Ocugen will post -0.2 earnings per share for the current year.

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.