Ocugen Inc (NASDAQ:OCGN) price on Tuesday, December 24, fall -2.96% below its previous day’s close as a downside momentum from buyers pushed the stock’s value to $0.72.
A look at the stock’s price movement, the close in the last trading session was $0.74, moving within a range at $0.71 and $0.7596. The beta value (5-Year monthly) was 3.766. Turning to its 52-week performance, $2.11 and $0.46 were the 52-week high and 52-week low respectively. Overall, OCGN moved -18.68% over the past month.
Ocugen Inc’s market cap currently stands at around $203.04 million, with investors looking forward to this quarter’s earnings report slated for in January.
The average forecast suggests down to a -78.86% growth in sales growth compared to quarterly growth in the same period last fiscal year. Wall Street analysts have also projected the company’s year-on-year revenue to grow to 3.62M, representing a -40.02% decline on that reported in the last financial year.
Turning to the stock’s technical picture we see that short term indicators suggest on average that OCGN is a 100% Sell. On the other hand, the stock is on average a 100% Sell as suggested by medium term indicators while long term indicators are putting the stock in 100% Sell category.
5 analyst(s) have given their forecast ratings for the stock on a scale of 1.00-5.00 for a strong buy to strong sell recommendation. A total of 0 analyst(s) rate the stock as a Hold, 5 recommend OCGN as a Buy and 0 give it an Overweight rating. Meanwhile, 0 analyst(s) rate the stock as Underweight and 0 say it is a Sell. As such, the average rating for the stock is Buy which could provide an opportunity for investors keen on increasing their holdings of the company’s stock.
OCGN’s current price about -16.18% and -21.39% off the 20-day and 50-day simple moving averages respectively. The Relative Strength Index (RSI, 14) currently prints 30.55, while 7-day volatility ratio is 8.15% and 6.72% in the 30-day chart. Further, Ocugen Inc (OCGN) has a beta value of 3.86, and an average true range (ATR) of 0.06. Analysts have given the company’s stock an average 52-week price target of $5, forecast between a low of $3.5 and high of $6. Looking at the price targets, the low is -386.11% off current price level while to achieve the yearly target high, price needs to move -733.33%. Nonetheless, investors will most likely welcome a -594.44% jump to $5 which is the analysts’ median price.
If we refocus on Ocugen Inc (NASDAQ:OCGN), historical trading data shows that trading volumes averaged 7.07 over the past 10 days and 4.20 million over the past 3 months. The company’s latest data on shares outstanding shows there are 290.26 million shares.
The 1.44% of Ocugen Inc’s shares are in the hands of company insiders while institutional holders own 27.51% of the company’s shares. Also important is the data on short interest which shows that short shares stood at 57.0 million on 2024-11-29, giving us a short ratio of 14.01. The data shows that as of 2024-11-29 short interest in Ocugen Inc (OCGN) stood at 1990.0000000000002 of shares outstanding, with shares short rising to 50.65 million registered in 2024-10-31. Current price change has pushed the stock 28.33% YTD, which shows the potential for further growth is there. It is this reason that could see investor optimism for the OCGN stock continues to rise going into the next quarter.
