Can Ocugen Inc (NASDAQ: OCGN) Be A Safe Investment Now?

Ocugen Inc (NASDAQ:OCGN) shares, rose in value, with the stock price up by 9.06% to the previous day’s close as strong demand from buyers drove the stock to $1.50.

Actively observing the price movement in the last trading, the stock closed the session at $1.38. The value of beta (5-year monthly) was 3.68. Referring to stock’s 52-week performance, its high was $2.11, and the low was $0.34. On the whole, OCGN has fluctuated by 71.02% over the past month.

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With the market capitalization of Ocugen Inc currently standing at about $386.03 million, investors are eagerly awaiting this quarter’s results, scheduled for May 03, 2024 – May 07, 2024. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.06, which is expected to increase to -$0.06 for fiscal year -$0.28 and then to about -$0.28 by fiscal year 2024.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that OCGN’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of OCGN currently trading nearly 20.17% and 62.86% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 60.09, while the 7-day volatility ratio is showing 12.93% which for the 30-day chart, stands at 13.70%. Furthermore, Ocugen Inc (OCGN)’s beta value is 3.49, and its average true range (ATR) is 0.20.

A comparison of Ocugen Inc (OCGN) with its peers suggests the former has fared considerably weaker in the market. OCGN showed an intraday change of 9.06% in last session, and over the past year, it grew by 76.42%%.

Data on historical trading for Ocugen Inc (NASDAQ:OCGN) indicates that the trading volumes over the past 10 days have averaged 20.23 million and over the past 3 months, they’ve averaged 7.78 million. According to company’s latest data on outstanding shares, there are 256.50 million shares outstanding.

Nearly 2.20% of Ocugen Inc’s shares belong to company insiders and institutional investors own 10.22% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 35.4 million shares as on Mar 15, 2024, resulting in a short ratio of 3.52. According to the data, the short interest in Ocugen Inc (OCGN) stood at 13.80% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 24.36 million. The stock has risen by 161.74% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the OCGN stock heading into the next quarter.