The stock of Ocugen, Inc. (NASDAQ:OCGN) is now priced at $0.35 and the shares are -0.05 points down or -12.95% lower compared to its previous closing price of $0.4. The stock had 18.846 million contracts set over the past session. OCGN shares’ daily volume is compared to its average trading volume at 34.803 million shares. However, it has a float of 121 million and although its performance was -15.07% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the OCGN share price recently placing at $0.296 to $0.3949. However, some brokerage firms have priced the stock below the average, including one that has called $0.7.
The shorts are running away from the Ocugen, Inc. stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the OCGN shares have declined. Short interest in the stock represents just 4.99% of its float, but the volume has dropped by -548404. The volume of shorted shares dropped to 6.051 million from 6.599 million shares over the last two weeks. The average intraday trading volume has been 30.288 million shares, which means that days to cover moved to roughly 1.
In the last trading session, Ocugen, Inc. (NASDAQ:OCGN) dropped by -$0.0618 over the week and lost -$0.1816 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.4. The stock recorded its established 52-week high on 09/09/19.
Since 06/01/20, the stock has traded to a low of $0.17 at 104.82%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.69. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Ocugen, Inc.’s two-week RSI is 40.64. This suggests that the stock is neutral at the moment and that OCGN shares’ price movement remains stable. The stochastic readings are equally revealing at 11.45% meaning the OCGN share price is currently in overbought territory.
The technical chart shows that the OCGN stock will likely settle at between $0.3967 and $0.4453 per share. However, if the stock dips below $0.2978, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $0.2475.
Currently, the stock is trading in the red of MACD, with a reading of -0.0454. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
The average rating for the OCGN equity is 2.5 and is currently gathering a bullish momentum. Of 2 analysts tracking Ocugen, Inc. polled by Reuters, 1 rated OCGN as a hold. The remaining 1 analysts were split evenly. However, the split wasn’t equal as a majority (1) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.