Ocugen (NASDAQ:OCGN) Stock Tanks 50% From last Week Peak Price: But Why?

There are some stocks that may prove to be quite volatile for an extended period of time and throughout the course of 2021, that has been case for the Ocugen (NASDAQ:OCGN) stock.

Market Stats

On Wednesday, OCGN stock fell 4.37% at $8.53 with more than 25.37 million shares, compared to its average volume of 30.73 million shares. The stock has moved within a range of $8.48 – 9.39 after opening the trade at $9.07.

What’s The Buzz?

However, volatility can also be a blessing and investors who have been able to ride the wave in the short term have been able to generate considerable profits by trading the biopharmaceutical company stock. While many might be put off by the rollercoaster nature of the stock’s moves over the past months, it should be noted that the resistance and support levels are quite well defined for the Ocugen stock at this point.

Hence, it is possible for traders who are interested in swing trades to get in and out of the stock while making profits. It goes without saying that there is no guarantee that one is going to make profits through such a strategy since at the end of the day the market is not predictable.

Last but not the least, those with a long term view could also consider having a look at the Ocugen stock considering the sort of progress that the company has made in its work with its COVID 19 vaccine candidate.

Traders Corner

OCGN stock is trading above the 200-Day and 50-Day Moving averages of $8.18 and $8.51 respectively. However, the stock is trading below the 20-Day moving average of $9.93. The stock is up 20% in the past month.