Ocugen (NASDAQ:OCGN) Stock Price Crosses Above 50 Day Moving Average – Here’s Why

Ocugen, Inc. (NASDAQ:OCGN – Get Free Report) shares crossed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $0.97 and traded as high as $0.9942. Ocugen shares last traded at $0.9721, with a volume of 9,344,732 shares trading hands.

Analyst Ratings Changes

Several research firms recently issued reports on OCGN. Weiss Ratings reissued a “sell (d-)” rating on shares of Ocugen in a research report on Wednesday, November 4th. Wall Street Zen raised Ocugen from a “sell” rating to a “hold” rating in a report on Saturday. Four research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Ocugen presently has an average rating of “Moderate Buy” and an average target price of $9.50.

Get Our Latest Stock Analysis on Ocugen

Ocugen Price Performance

The stock has a 50-day simple moving average of $0.96 and a 200 day simple moving average of $1.40. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.77 and a current ratio of 0.77. The stock has a market capitalization of $325.87 million, a P/E ratio of -4.80 and a beta of 2.04.

Insider Activity

In other news, CEO Shankar Musunuri sold 468,727 shares of the company’s stock in a transaction dated Friday, October 9th. The stock was sold at an average price of $0.95, for a total value of $445,290.65. Following the completion of the sale, the chief executive officer directly owned 4,018,470 shares of the company’s stock, valued at $3,817,546.50. This represents a 10.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 1,051,982 shares of company stock worth $1,088,801. 3.95% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Ocugen

A number of hedge funds and other institutional investors have recently made changes to their positions in OCGN. GTS Securities LLC bought a new position in Ocugen during the second quarter worth about $27,000. Engineers Gate Manager LP raised its stake in shares of Ocugen by 70.2% in the 2nd quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock valued at $28,000 after purchasing an additional 7,577 shares during the period. CTC Alternative Strategies Ltd. acquired a new stake in Ocugen in the 1st quarter valued at approximately $34,000. Diversify Advisory Services LLC bought a new stake in shares of Ocugen in the second quarter worth $25,000. Finally, Legal & General Group Plc bought a new stake in Ocugen during the 2nd quarter worth about $51,000. 10.27% of the stock is owned by institutional investors.

Ocugen Company Profile

(Get Free Report)

Ocugen, Inc. is a clinical-stage biotechnology company focused on developing gene therapies for inherited retinal diseases and other eye conditions. Its approach includes modifier gene therapies designed to address multiple genetic causes of disease, rather than targeting a single mutation. The company’s clinical programs include OCU400 for retinitis pigmentosa, OCU410 for geographic atrophy associated with dry age-related macular degeneration, and OCU410ST for Stargardt disease. These programs are investigational and are not approved treatments.

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