Ocugen, Inc. (OCGN) Stock Is -2.86% Lower Today, What Just Happened?

Ocugen, Inc. (NASDAQ:OCGN) is one of the worst performers on the stock market today. At current price of $0.65, the shares have already lost -0.02 points (-2.86% lower) from its previous close of $0.67. Should you buy or avoid them? The stock sets an active trading volume day with a reported 743985 contracts so far this session. OCGN shares had a relatively better volume day versus average trading capacity of 6.77 million shares, but with a 13.72 million float and a 12.22% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for OCGN stock indicates that the average analyst price target is $1.63 per share. This means the stock has a potential increase of 150.77% from where the OCGN share price has been trading recently.

During the recent trading session for Ocugen, Inc. (NASDAQ:OCGN), the company witnessed their stock drop by $-0.02 over a week and surge $0.27 from the price 20 days ago. When compared to their established 52-week high of $21.6, the high they recorded in their recent session happens to be higher. Their established 52-week high was attained by the company on 06/13/19. The recent low of $0.23 stood for a -97.01% since 11/26/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 2.7 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Ocugen, Inc., the two-week RSI stands at 58.64. This figure suggests that OCGN stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current OCGN readings is similarly very revealing as it has a stochastic reading of 74.64% at this stage. This figure means that OCGN share price today is being oversold.

Technical chart claims that Ocugen, Inc. (OCGN) would settle between $0.71/share to $0.75/share level. However, if the stock price goes below the $0.61 mark, then the market for Ocugen, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $0.54 for its downside target.

OCGN equity has an average rating of 2.17, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 2 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 2 analysts rated Ocugen, Inc. (NASDAQ:OCGN) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.