Ocugen (OCGN) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Ocugen (OCGN) closed at $8.63, marking a -1.26% move from the previous day. This move lagged the S&P 500's daily loss of 0.54%. Meanwhile, the Dow gained 0.97%, and the Nasdaq, a tech-heavy index, lost 2.41%.
Coming into today, shares of the biotech knee implant developer had gained 168.92% in the past month. In that same time, the Medical sector lost 5.8%, while the S&P 500 lost 1.04%.
Investors will be hoping for strength from OCGN as it approaches its next earnings release.
Investors should also note any recent changes to analyst estimates for OCGN. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 1490.48% higher within the past month. OCGN currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, OCGN is holding a Forward P/E ratio of 4.84. This valuation marks a discount compared to its industry's average Forward P/E of 24.3.
The Medical - Biomedical and Genetics industry is part of the Medical sector. This industry currently has a Zacks Industry Rank of 192, which puts it in the bottom 25% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OCGN in the coming trading sessions, be sure to utilize Zacks.com.
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