ICICI Bank Limited [IBN] Stock trading around $19.67 per share: What’s Next?


ICICI Bank Limited [NYSE: IBN] gained 2.88% on the last trading session, reaching $19.67 price per share at the time. The company report on April 12, 2022 that Ocugen, Inc. Provides Update on its Phase 2/3 Study of COVAXIN™ (BBV152).

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Ocugen, Inc. (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals and vaccines, announced that the Company was informed by the U.S. Food and Drug Administration (FDA) that the agency placed its Phase 2/3 immuno-bridging and broadening study for COVAXIN™ (BBV152), OCU-002, on clinical hold. This is a result of the Company’s decision to voluntarily implement a temporary pause in dosing participants of OCU-002 while it evaluates statements made by the World Health Organization following their inspection of Bharat Biotech International Limited’s (BBIL) manufacturing facility. We will work with the FDA to address any questions.

About Ocugen, Inc.Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene therapies, biologicals and vaccines that improve health and offer hope for people and global communities. We are making an impact through courageous innovation, taking science in new directions in service of patients. Our breakthrough modifier gene therapy platform has the potential to treat multiple diseases with one drug and we are advancing research in other therapeutic areas to offer new options for people with unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

ICICI Bank Limited represents 3.47 billion in outstanding shares, while the company has a total market value of $68.03 billion with the latest information. IBN stock price has been found in the range of $19.51 to $19.71.

If compared to the average trading volume of 8.57M shares, IBN reached a trading volume of 5547662 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about ICICI Bank Limited [IBN]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for IBN shares is $26.87 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on IBN stock is a recommendation set at 1.30. 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.

Bernstein have made an estimate for ICICI Bank Limited shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on July 14, 2020. While these analysts kept the previous recommendation, Morgan Stanley raised their target price to Overweight. The new note on the price target was released on January 16, 2018, representing the official price target for ICICI Bank Limited stock.

The Average True Range (ATR) for ICICI Bank Limited is set at 0.41, with the Price to Sales ratio for IBN stock in the period of the last 12 months amounting to 5.70. The Price to Book ratio for the last quarter was 3.11, with the Price to Cash per share for the same quarter was set at 7.08.

Trading performance analysis for IBN stock

ICICI Bank Limited [IBN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.85. With this latest performance, IBN shares gained by 14.96% in over the last four-week period, additionally sinking by -11.04% over the last 6 months – not to mention a rise of 14.16% 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 IBN stock in for the last two-week period is set at 65.11, with the RSI for the last a single of trading hit 72.27, and the three-weeks RSI is set at 60.36 for ICICI Bank Limited [IBN]. The present Moving Average for the last 50 days of trading for this stock 18.38, while it was recorded at 19.08 for the last single week of trading, and 19.44 for the last 200 days.

An analysis of insider ownership at ICICI Bank Limited [IBN]

There are presently around $11,840 million, or 19.30% of IBN stock, in the hands of institutional investors. The top three institutional holders of IBN stocks are: MORGAN STANLEY with ownership of 85,474,919, which is approximately 50.612% of the company’s market cap and around 62.40% of the total institutional ownership; HARDING LOEVNER LP, holding 33,726,971 shares of the stock with an approximate value of $644.86 million in IBN stocks shares; and INVESCO LTD., currently with $555.89 million in IBN stock with ownership of nearly -18.964% of the company’s market capitalization.

Positions in ICICI Bank Limited stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 177 institutional holders increased their position in ICICI Bank Limited [NYSE:IBN] by around 92,519,916 shares. Additionally, 206 investors decreased positions by around 134,316,973 shares, while 69 investors held positions by with 392,389,743 shares. The mentioned changes placed institutional holdings at 619,226,632 shares, according to the latest SEC report filing. IBN stock had 45 new institutional investments in for a total of 18,752,798 shares, while 54 institutional investors sold positions of 32,077,105 shares during the same period.