Market Analysts see Ocugen Inc. [OCGN] gaining to $3.50. Time to buy?

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Ocugen Inc. [NASDAQ: OCGN] price plunged by -4.58 percent to reach at -$0.02. The company report on August 21, 2023 at 4:32 PM that Ocugen Provides Business Update with Second Quarter 2023 Financial Results.

Conference Call and Webcast Tomorrow at 8:30 a.m. ET.

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• Investigational New Drug (IND) Applications Cleared for Novel Gene Therapies for Geographic Atrophy Secondary to AMD and for Stargardt Disease.

A sum of 2948735 shares traded at recent session while its average daily volume was at 6.00M shares. Ocugen Inc. shares reached a high of $0.4584 and dropped to a low of $0.425 until finishing in the latest session at $0.43.

The one-year OCGN stock forecast points to a potential upside of 89.56. The average equity rating for OCGN stock is currently 2.00, trading closer to a bullish pattern in the stock market.

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 $4.12 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 2.00. 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.

Chardan Capital Markets have made an estimate for Ocugen Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 01, 2023.

The Average True Range (ATR) for Ocugen Inc. is set at 0.03 The Price to Book ratio for the last quarter was 1.49, with the Price to Cash per share for the same quarter was set at 0.27.

OCGN Stock Performance Analysis:

Ocugen Inc. [OCGN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -7.63. With this latest performance, OCGN shares dropped by -24.86% in over the last four-week period, additionally sinking by -56.88% over the last 6 months – not to mention a drop of -83.16% 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 OCGN stock in for the last two-week period is set at 35.94, with the RSI for the last a single of trading hit 34.75, and the three-weeks RSI is set at 37.56 for Ocugen Inc. [OCGN]. The present Moving Average for the last 50 days of trading for this stock 0.5303, while it was recorded at 0.4502 for the last single week of trading, and 0.8905 for the last 200 days.

Insight into Ocugen Inc. Fundamentals:

Ocugen Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 5.50 and a Current Ratio set at 5.50.

Ocugen Inc. [OCGN] Institutonal Ownership Details

The top three institutional holders of OCGN stocks are: VANGUARD GROUP INC with ownership of 1.31 billion shares, which is approximately 8.2089%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $170.67 trillion in OCGN stocks shares; and BERKSHIRE HATHAWAY INC, currently with $150.98 trillion in OCGN stock with ownership which is approximately 5.7381%.

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