Polar Asset Management Partners, has recently announced that it has increased stake in Ocean Biomedical Inc. (NASDAQ:OCEA) by 296.97%. After grabbing 3.27 million shares, the institutional investor is now in possession of 2.45 million shares of the Healthcare Company. The new investment brought the stake of investor firm to 9.42% having worth around $22.2 million. Moreover, Meteora Capital LLC increased its share by 1.75 million to have a control over 1.89 million shares. And Cohen & Company Financial Managem raised its holdings to 1.52 million shares by acquiring 1.52 million shares or 4.37% of the stake.
Ocean Biomedical Inc. (OCEA) concluded trading on 05/25/23 at a closing price of $5.18, with 4.81 million shares of worth about $24.91 million changed hands on the day. Half year performance of the stock remained negative as price took a plunge of -49.17% during that period and on Thursday the price saw a gain of about 8.60%. Currently the company’s common shares owned by public are about 13.22M shares, out of which, 2.29M shares are available for trading.
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A deeper look into what the analysts at Wall Street are thinking about the price target of this stock provides us with the following: 1 analysts are covering the OCEA stock and their offered price forecasts bring an average price target of $17.00. Over the next 12 months, analysts forecasted that the stock’s price could jump as high as $17.00 and could fall to a lowest price of $17.00. The stock’s current price level is 68.98% above of average price target set by the analysts, while a rise to estimated low would result in gain of 69.53% for the stock. However, touching the estimated high of $17.00 would mean a gain of 69.53% for the stock.
First Trust Merger Arbitrage Fund, Calamos Market Neutral Income Fun, and Fidelity Nasdaq Composite Index F are the top 3 mutual funds which are holding stakes in Ocean Biomedical Inc. First Trust Merger Arbitrage Fund is currently holding 0.56 million shares of worth totaling $3.77 million. The company recently came buying 0.0 shares which brought its stake up to 1.60% of the company’s outstanding shares. Fidelity Nasdaq Composite Index F, after buying 62705.0 shares, have now control over 0.18% of the stake in the company. It holds 59834.0 shares of worth $0.43 million.
Ocean Biomedical Inc. (NASDAQ: OCEA) started trading at $5.40, above $0.63 from concluding price of the previous day. However, the stock later moved at a day high price of 6.09, or with a gain of 8.60%. Stock saw a price change of 0.58% in past 5 days and over the past one month there was a price change of -19.94%. Over the period of past 52 weeks, stock dropped to lowest price of $3.06 but also hit the highest price of $26.60 during that period. The average intraday trading volume for Ocean Biomedical Inc. shares is 2.50 million. The stock is currently trading -12.53% below its 20-day simple moving average (SMA20), while that difference is down -17.26% for SMA50 and it goes to -41.94% lower than SMA200.
Polar Asset Management Partners, acquired 3.27 million shares of Ocean Biomedical Inc. having value of about $22.2 million. Data submitted at the U.S SEC by Polar Asset Management Partners, revealed that the firm now holds 2.45 million shares in the company valued at close to $12691000.0, or have control over 296.97% stake in the company. Ocean Biomedical Inc. (NASDAQ: OCEA) currently have 13.22M outstanding shares and institutions hold larger chunk of about 99.30% of that. Holding of mutual funds in the company is about 2.31% while other institutional holders and individual stake holders have control over 5.38% and 18.41% of the stake respectively.
The stock has a current market capitalization of $178.71M. It has posted earnings per share of -$0.07 in the same period. It has Quick Ratio of 0.10 while making debt-to-equity ratio of 0.02. Volatility of a stock is a metric used to know how much the price of that stock is under influence and for OCEA, volatility over the week remained 32.71% while standing at 13.21% over the month.
Analysts are in expectations that Ocean Biomedical Inc. (OCEA) stock would likely to be making an EPS of -$0.17 in the current quarter, while forecast for next quarter EPS is -$0.19 and it is -$1.1 for next year. For the current quarter EPS, analysts have given the company a lowest target -$0.17 which is -$0.17 at the higher side of the target for the same. Stock’s fiscal year EPS is expected to drop by -69.90% while it is estimated to decrease by -25.00% in next year.
Analysts at 1 brokerage firms have issued recommendations for the Ocean Biomedical Inc. (OCEA)’s stock and average of those rates the stock at a “Moderate Buy” and assign it a score of 2.00. Out of those 1 Wall Street analysts, 1 recommended a “Buy” rating, while 0 were in favor recommending the stock as a “Hold” and 0 analyst recommended the stock as “Sell”.
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