Ocugen Inc. [OCGN] Stock trading around $8.72 per share: What’s Next?

Ocugen Inc. [NASDAQ: OCGN] stock went on a downward path that fall over -1.91% on Friday, amounting to a one-week price increase of more than 0.11%. The company report on June 3, 2021 that Ocugen Expands COVAXIN™ Commercialization Rights to Include Canada.

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Ocugen to have exclusive co-development, manufacturing, and commercialization rights to COVAXIN™ in Canada, in addition to its existing US rights.

Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company focused on discovering, developing, and commercializing gene therapies to cure blindness diseases and developing a vaccine to save lives from COVID-19, and Bharat Biotech, a global leader in vaccine innovation, announced that they have entered into an amendment to their Co-development, Supply, and Commercialization Agreement to expand Ocugen’s exclusive territory to commercialize COVAXIN™ to now also include Canada, in addition to Ocugen’s existing rights to commercialize COVAXIN™ in the United States.

Over the last 12 months, OCGN stock rose by 3775.56%. The one-year Ocugen Inc. stock forecast points to a potential downside of -13.69. The average equity rating for OCGN stock is currently 2.20, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $1.76 billion, with 186.30 million shares outstanding and 182.53 million shares in the current float. Compared to the average trading volume of 63.17M shares, OCGN stock reached a trading volume of 22241070 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on Ocugen Inc. [OCGN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OCGN shares is $7.67 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OCGN stock is a recommendation set at 2.20. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Cantor Fitzgerald have made an estimate for Ocugen Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on May 07, 2021. While these analysts kept the previous recommendation, Chardan Capital Markets raised their target price from $0.70 to $13. The new note on the price target was released on February 09, 2021, representing the official price target for Ocugen Inc. stock. Previously, the target price had yet another raise to $4.50, while H.C. Wainwright analysts kept a Buy rating on OCGN stock.

The Average True Range (ATR) for Ocugen Inc. is set at 1.24, with the Price to Sales ratio for OCGN stock in the period of the last 12 months amounting to 41349.41. The Price to Book ratio for the last quarter was 34.88, with the Price to Cash per share for the same quarter was set at 0.22.

OCGN Stock Performance Analysis:

Ocugen Inc. [OCGN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 0.11. With this latest performance, OCGN shares dropped by -20.07% in over the last four-week period, additionally plugging by 2637.83% over the last 6 months – not to mention a rise of 3775.56% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for OCGN stock in for the last two-week period is set at 48.72, with the RSI for the last a single of trading hit 48.28, and the three-weeks RSI is set at 49.53 for Ocugen Inc. [OCGN]. The present Moving Average for the last 50 days of trading for this stock 8.55, while it was recorded at 8.87 for the last single week of trading, and 4.20 for the last 200 days.

Insight into Ocugen Inc. Fundamentals:

Ocugen Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 12.00 and a Current Ratio set at 12.00.

OCGN Stock EPS

With the latest financial reports released by the company, Ocugen Inc. posted -0.19/share EPS, while the average EPS was predicted by analysts to be reported at -0.03/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -533.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for OCGN.

Ocugen Inc. [OCGN] Insider Position Details

There are presently around $215 million, or 12.50% of OCGN stock, in the hands of institutional investors. The top three institutional holders of OCGN stocks are: VANGUARD GROUP INC with ownership of 8,104,527, which is approximately -10.694% of the company’s market cap and around 0.50% of the total institutional ownership; STATE STREET CORP, holding 5,033,935 shares of the stock with an approximate value of $43.9 million in OCGN stocks shares; and BLACKROCK INC., currently with $29.84 million in OCGN stock with ownership of nearly 53.772% of the company’s market capitalization.

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64 institutional holders increased their position in Ocugen Inc. [NASDAQ:OCGN] by around 12,213,926 shares. Additionally, 24 investors decreased positions by around 2,254,275 shares, while 3 investors held positions by with 10,222,149 shares. The mentioned changes placed institutional holdings at 24,690,350 shares, according to the latest SEC report filing. OCGN stock had 49 new institutional investments in for a total of 3,598,843 shares, while 12 institutional investors sold positions of 522,730 shares during the same period.

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