Ocugen Inc. [NASDAQ: OCGN] traded at a high on 02/27/23, posting a 3.97 gain after which it closed the day’ session at $0.98. The company report on February 27, 2023 that Ocugen, Inc. Announces Submission of Investigational New Drug Application with U.S. FDA to Initiate a Phase 1 Clinical Trial Evaluating OCU200 for the Treatment of Diabetic Macular Edema.
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“Today’s achievement is an important step towards fulfilling our mission to bring novel therapeutics to address limitations of the current standard of care or unmet medical needs in hard-to-treat blindness diseases,” said Dr. Arun Upadhyay, Chief Scientific Officer at Ocugen. “We are encouraged by the potential for OCU200 to provide a new treatment option for the significant percentage of people living with DME, including non-responders to the current standard of care.”.
The results of the trading session contributed to over 4876723 shares changing hands. Over the past one week, the price volatility of Ocugen Inc. stands at 6.60% while the volatility over the past one month is 6.19%.
The market cap for OCGN stock reached $222.54 million, with 216.59 million shares outstanding and 215.47 million shares in the current float. Compared to the average trading volume of 5.36M shares, OCGN reached a trading volume of 4876723 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about 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 $5.33 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.
Mizuho have made an estimate for Ocugen Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on August 23, 2022. While these analysts kept the previous recommendation, ROTH Capital raised their target price to Buy. The new note on the price target was released on June 15, 2022, representing the official price target for Ocugen Inc. stock. Previously, the target price had yet another raise to $4.50, while Cantor Fitzgerald analysts kept a Overweight rating on OCGN stock.
The Average True Range (ATR) for Ocugen Inc. is set at 0.07 The Price to Book ratio for the last quarter was 2.22, with the Price to Cash per share for the same quarter was set at 0.45.
How has OCGN stock performed recently?
Ocugen Inc. [OCGN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -9.63. With this latest performance, OCGN shares dropped by -18.67% in over the last four-week period, additionally sinking by -65.51% over the last 6 months – not to mention a drop of -68.05% 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 36.23, with the RSI for the last a single of trading hit 34.92, and the three-weeks RSI is set at 37.93 for Ocugen Inc. [OCGN]. The present Moving Average for the last 50 days of trading for this stock 1.2204, while it was recorded at 0.9737 for the last single week of trading, and 1.9014 for the last 200 days.
Ocugen Inc. [OCGN]: Deeper insight into the fundamentals
Ocugen Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 7.20 and a Current Ratio set at 7.20.
Insider trade positions for Ocugen Inc. [OCGN]
There are presently around $88 million, or 37.90% of OCGN stock, in the hands of institutional investors. The top three institutional holders of OCGN stocks are: STATE STREET CORP with ownership of 30,121,024, which is approximately 15.818% of the company’s market cap and around 0.40% of the total institutional ownership; BLACKROCK INC., holding 15,061,361 shares of the stock with an approximate value of $14.7 million in OCGN stocks shares; and VANGUARD GROUP INC, currently with $11.57 million in OCGN stock with ownership of nearly 1.347% of the company’s market capitalization.
58 institutional holders increased their position in Ocugen Inc. [NASDAQ:OCGN] by around 12,748,446 shares. Additionally, 57 investors decreased positions by around 5,087,862 shares, while 28 investors held positions by with 72,202,454 shares. The mentioned changes placed institutional holdings at 90,038,762 shares, according to the latest SEC report filing. OCGN stock had 18 new institutional investments in for a total of 1,592,505 shares, while 30 institutional investors sold positions of 2,019,525 shares during the same period.