Ocugen (NASDAQ:OCGN) Announces Earnings Results, Misses Estimates By $0.01 EPS

Ocugen (NASDAQ:OCGN) posted its quarterly earnings data on Wednesday. The company reported ($0.07) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.01), Zacks reports. Ocugen had a negative return on equity of 255.25% and a negative net margin of 1,197.71%.The company had revenue of $1.75 million for the quarter, compared to analyst estimates of $0.44 million.

Ocugen Stock Down 1.4%

Shares of OCGN stock traded down $0.02 on Friday, hitting $1.36. The company’s stock had a trading volume of 6,109,626 shares, compared to its average volume of 4,619,395. The stock has a market capitalization of $397.53 million, a price-to-earnings ratio of -6.80 and a beta of 4.15. Ocugen has a fifty-two week low of $0.52 and a fifty-two week high of $1.90. The firm’s fifty day moving average price is $1.45 and its 200-day moving average price is $1.12. The company has a debt-to-equity ratio of 9.18, a current ratio of 1.83 and a quick ratio of 1.83.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on OCGN. Wall Street Zen raised Ocugen from a “sell” rating to a “hold” rating in a research report on Saturday, September 20th. Chardan Capital reissued a “buy” rating and issued a $7.00 price objective on shares of Ocugen in a research note on Friday, September 19th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Ocugen in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $7.00.

Institutional Trading of Ocugen

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its stake in shares of Ocugen by 3.1% during the 3rd quarter. Vanguard Group Inc. now owns 15,223,585 shares of the company’s stock worth $24,814,000 after acquiring an additional 450,904 shares in the last quarter. Brevan Howard Capital Management LP acquired a new stake in Ocugen in the 2nd quarter worth approximately $499,000. XTX Topco Ltd bought a new stake in Ocugen during the second quarter worth approximately $203,000. Qube Research & Technologies Ltd bought a new stake in Ocugen during the second quarter worth approximately $188,000. Finally, Tower Research Capital LLC TRC grew its holdings in Ocugen by 208.4% during the second quarter. Tower Research Capital LLC TRC now owns 72,776 shares of the company’s stock valued at $71,000 after purchasing an additional 49,177 shares during the last quarter. Institutional investors and hedge funds own 10.27% of the company’s stock.

Ocugen Company Profile

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve patients’ health. The company’s pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, currently under Phase 3 trials for the treatment of retinitis pigmentosa and Phase 1/2 trials for the treatment of leber congenital amaurosis; OCU410, a gene therapy under phase 1/2 for the treatment of dry age-related macular degeneration (AMD); and OCU410ST, a gene therapy under phase 1/2 for the treatment of Stargardt disease.