1,990,636 Shares in Ocugen, Inc. $OCGN Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 1.99 million Ocugen shares during the second quarter, valued at approximately $3.05 million and representing about 0.59% of the company. Institutional investors collectively own 10.27% of OCGN.
• Ocugen reported a quarterly loss of $0.07 per share, missing expectations by $0.02, although revenue of $1.49 million exceeded forecasts. Analysts expect a full-year loss of $0.25 per share.
• OCGN recently traded near $1.09, close to its 12-month low of $0.97. Despite mixed analyst actions, the stock carries a consensus “Moderate Buy” rating with a $9.50 target price.

Bank of America Corp DE acquired a new stake in shares of Ocugen, Inc. (NASDAQ:OCGN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 1,990,636 shares of the company's stock, valued at approximately $3,046,000. Bank of America Corp DE owned approximately 0.59% of Ocugen as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of OCGN. Diversify Advisory Services LLC acquired a new position in shares of Ocugen during the second quarter valued at approximately $25,000. CTC Alternative Strategies Ltd. acquired a new stake in shares of Ocugen in the first quarter worth approximately $34,000. Legal & General Group Plc acquired a new stake in shares of Ocugen in the second quarter worth approximately $51,000. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Ocugen during the second quarter worth approximately $64,000. Finally, Baader Bank Aktiengesellschaft purchased a new stake in shares of Ocugen during the first quarter worth approximately $68,000. Hedge funds and other institutional investors own 10.27% of the company's stock.

Ocugen Price Performance

Ocugen stock opened at $1.09 on Wednesday. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17. The company has a fifty day simple moving average of $1.24 and a 200-day simple moving average of $1.46. The stock has a market cap of $369.63 million, a P/E ratio of -4.19 and a beta of 2.20. Ocugen, Inc. has a 12-month low of $0.97 and a 12-month high of $2.73.

Ocugen (NASDAQ:OCGN - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.07) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.02). The company had revenue of $1.49 million during the quarter, compared to analysts' expectations of $0.89 million. Equities analysts expect that Ocugen, Inc. will post -0.25 EPS for the current fiscal year.

Insider Activity at Ocugen

In other news, CEO Shankar Musunuri sold 468,727 shares of the firm's stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $1.12, for a total transaction of $524,974.24. Following the sale, the chief executive officer owned 4,487,197 shares of the company's stock, valued at approximately $5,025,660.64. This trade represents a 9.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 3.95% of the company's stock.

Analyst Upgrades and Downgrades

OCGN has been the topic of a number of research reports. Wall Street Zen lowered shares of Ocugen from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Weiss Ratings upgraded Ocugen from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, August 11th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Ocugen currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.50.

About Ocugen

Ocugen, Inc NASDAQ: OCGN is a biotechnology company focused on developing gene and cell therapies for blindness diseases and other serious medical conditions. The company's ophthalmology pipeline includes modifier gene therapies designed to address inherited retinal diseases, including retinitis pigmentosa and geographic atrophy associated with dry age-related macular degeneration.

Ocugen's leading candidates include OCU400, an investigational gene therapy for certain inherited retinal diseases, and OCU410 and OCU410ST, investigational therapies being developed for geographic atrophy and Stargardt disease, respectively.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.