Ocugen (NASDAQ:OCGN) Shares Gap Down After Insider Selling


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Ocugen, Inc. (NASDAQ:OCGN) shares gapped down before the market opened on Tuesday after an insider sold shares in the company. The stock had previously closed at $15.68, but opened at $14.98. Ocugen shares last traded at $12.97, with a volume of 374,941 shares trading hands.

Specifically, Director Uday Kompella sold 350,000 shares of the company’s stock in a transaction that occurred on Monday, April 26th. The shares were sold at an average price of $11.70, for a total transaction of $4,095,000.00. Following the sale, the director now directly owns 600,674 shares of the company’s stock, valued at approximately $7,027,885.80. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Vijay Tammara sold 29,991 shares of the company’s stock in a transaction that occurred on Thursday, April 29th. The stock was sold at an average price of $10.97, for a total transaction of $329,001.27. Following the sale, the senior vice president now directly owns 9,000 shares in the company, valued at $98,730. The disclosure for this sale can be found here. Insiders sold a total of 665,607 shares of company stock worth $8,390,799 over the last three months. Insiders own 3.54% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Roth Capital upped their target price on shares of Ocugen from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Thursday, March 4th. Chardan Capital downgraded shares of Ocugen from a “buy” rating to a “neutral” rating in a research note on Tuesday, February 9th. Cantor Fitzgerald upped their target price on shares of Ocugen from $1.00 to $4.00 and gave the stock an “overweight” rating in a research note on Wednesday, February 3rd. HC Wainwright upgraded shares of Ocugen from a “neutral” rating to a “buy” rating and set a $4.50 price target for the company in a report on Thursday, February 4th. Finally, Zacks Investment Research cut shares of Ocugen from a “buy” rating to a “hold” rating in a report on Thursday, February 11th. Two research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $5.04.

The firm’s fifty day moving average price is $8.23 and its 200-day moving average price is $4.50. The company has a current ratio of 4.78, a quick ratio of 4.78 and a debt-to-equity ratio of 0.13. The firm has a market cap of $2.35 billion, a price-to-earnings ratio of -8.45 and a beta of 3.56.

Ocugen (NASDAQ:OCGN) last issued its earnings results on Wednesday, March 17th. The company reported $0.02 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.04. On average, sell-side analysts expect that Ocugen, Inc. will post -0.28 earnings per share for the current year.

A number of institutional investors have recently made changes to their positions in OCGN. Squarepoint Ops LLC acquired a new stake in Ocugen in the 4th quarter valued at about $622,000. Northern Trust Corp boosted its position in shares of Ocugen by 124.0% in the fourth quarter. Northern Trust Corp now owns 306,118 shares of the company’s stock worth $560,000 after acquiring an additional 169,454 shares during the last quarter. Jane Street Group LLC acquired a new stake in shares of Ocugen in the fourth quarter worth approximately $551,000. Bank of New York Mellon Corp acquired a new stake in shares of Ocugen in the fourth quarter worth approximately $197,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Ocugen in the fourth quarter worth approximately $64,000. Institutional investors own 8.53% of the company’s stock.

Ocugen Company Profile (NASDAQ:OCGN)

Ocugen, Inc, a clinical-stage biopharmaceutical company, focuses on the developing gene therapies to cure blindness diseases. The company's pipeline product includes OCU400, a novel gene therapy product candidate restoring retinal integrity and function across a range of genetically diverse inherited retinal diseases, such as retinitis pigmentosa and leber congenital amaurosis; OCU410, gene therapy candidate for the treatment of dry age-related macular degeneration (AMD); and OCU200, a novel fusion protein that is in preclinical development stage for the treatment of diabetic macular edema, diabetic retinopathy, and wet AMD.

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