Ocugen, Inc. (NASDAQ:OCGN) is a stock to watch today. At current price of $1.5, the shares have already lost -0.09 points (-5.81% lower) from its previous close of $1.59. The stock sets an active trading volume day with a reported 581432 contracts so far this session. OCGN shares had a relatively better volume day versus average trading capacity of 699.61 thousand shares, but with a 1.49 million float and a -21.29% 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 $5 per share. This means the stock has a potential increase of 233.33% from where the OCGN share price has been trading recently which is between $1.53 and $1.81. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $72. Flipping the other side of the coin, an analyst who is fully bullish set a price target as high as $72.
During the recent trading session for Ocugen, Inc. (NASDAQ:OCGN), the company witnessed their stock drop by $-0.43 over a week and tumble down $-11.81 from the price 20 days ago. When compared to their established 52-week high of $57, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 10/18/18. The recent low of $1.22 stood for a -97.37% since 08/10/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 3.09 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. At the moment, the median target price for OCGN is set at $72, a figure which is above the recent 1-year high the stock witnessed.
Looking at the current readings for Ocugen, Inc., the two-week RSI stands at 21.29. This figure suggests that OCGN stock, for now, is overbought, meaning that the shares are not 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 2.45% at this stage. This figure means that OCGN share price today is being overbought.
Technical chart claims that Ocugen, Inc. (OCGN) would settle between $1.76/share to $1.92/share level. However, if the stock price goes below the $1.48 mark, then the market for Ocugen, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $1.36 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.18. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.