Market cap of Ocean Biomedical Inc. [OCEA] reaches 239.84M – now what?

Ocean Biomedical Inc. [NASDAQ: OCEA] traded at a high on 04/13/23, posting a 49.89 gain after which it closed the day’ session at $6.76. The company report on April 13, 2023 that Ocean Biomedical (NASDAQ: OCEA) Announces Notice of Allowance for U.S. Patent Application for Developing “Whole New Class” of Malaria Therapeutics Issued to Scientific Co-founder Dr. Jonathan Kurtis.

A Notice of Allowance is issued after the USPTO examines a patent application and determines that the applicant should be granted a patent from the application. Ocean Biomedical anticipates that a patent will be issued by the USPTO from Dr. Kurtis’ application in the coming months.

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The results of the trading session contributed to over 20796590 shares changing hands. Over the past one week, the price volatility of Ocean Biomedical Inc. stands at 18.67% while the volatility over the past one month is 13.35%.

The market cap for OCEA stock reached $239.84 million, with 13.22 million shares outstanding and 2.29 million shares in the current float. Compared to the average trading volume of 2.14M shares, OCEA reached a trading volume of 20796590 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Ocean Biomedical Inc. [OCEA]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for OCEA shares is $13.20 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on OCEA stock is a recommendation set at 2.00. 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.

The Average True Range (ATR) for Ocean Biomedical Inc. is set at 1.19 The Price to Book ratio for the last quarter was 0.86, with the Price to Cash per share for the same quarter was set at 0.01.

How has OCEA stock performed recently?

Ocean Biomedical Inc. [OCEA] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 24.95. With this latest performance, OCEA shares dropped by -8.77% in over the last four-week period, additionally sinking by -33.57% over the last 6 months.

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 OCEA stock in for the last two-week period is set at 51.80, with the RSI for the last a single of trading hit 57.07, and the three-weeks RSI is set at 49.53 for Ocean Biomedical Inc. [OCEA]. The present Moving Average for the last 50 days of trading for this stock 7.38, while it was recorded at 5.28 for the last single week of trading, and 9.48 for the last 200 days.

Ocean Biomedical Inc. [OCEA]: Deeper insight into the fundamentals

Ocean Biomedical Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.10 and a Current Ratio set at 0.10.

Insider trade positions for Ocean Biomedical Inc. [OCEA]

There are presently around $47 million, or 99.30% of OCEA stock, in the hands of institutional investors. The top three institutional holders of OCEA stocks are: POLAR ASSET MANAGEMENT PARTNERS INC. with ownership of 825,000, which is approximately 0% of the company’s market cap and around 75.17% of the total institutional ownership; SHAOLIN CAPITAL MANAGEMENT LLC, holding 796,900 shares of the stock with an approximate value of $3.59 million in OCEA stocks shares; and SABA CAPITAL MANAGEMENT, L.P., currently with $3.31 million in OCEA stock with ownership of nearly 0% of the company’s market capitalization.

6 institutional holders increased their position in Ocean Biomedical Inc. [NASDAQ:OCEA] by around 188,450 shares. Additionally, 8 investors decreased positions by around 247,301 shares, while 31 investors held positions by with 9,961,717 shares. The mentioned changes placed institutional holdings at 10,397,468 shares, according to the latest SEC report filing. OCEA stock had 4 new institutional investments in for a total of 144,671 shares, while 2 institutional investors sold positions of 65,742 shares during the same period.


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