27,002,933 Shares in Ocugen, Inc. $OCGN Acquired by BlackRock Inc.

Key Points

• BlackRock acquired 27.0 million Ocugen shares during the second quarter, worth approximately $41.3 million and representing a 7.96% stake.
• Other major investors also increased their positions, including UBS, State Street, Goldman Sachs and Hennion & Walsh; institutional investors collectively own 10.27% of Ocugen.
• Ocugen shares opened at $1.33, while the company reported a quarterly loss of $0.07 per share—worse than the $0.05 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $9.50, though one research firm downgraded the stock to “sell.”

BlackRock Inc. acquired a new stake in Ocugen, Inc. (NASDAQ:OCGN - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm acquired 27,002,933 shares of the company's stock, valued at approximately $41,314,000. BlackRock Inc. owned approximately 7.96% of Ocugen as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the company. UBS Group AG increased its stake in shares of Ocugen by 373.2% in the 4th quarter. UBS Group AG now owns 4,849,353 shares of the company's stock valued at $6,547,000 after acquiring an additional 3,824,474 shares in the last quarter. State Street Corp increased its position in Ocugen by 193.6% in the 4th quarter. State Street Corp now owns 3,978,738 shares of the company's stock valued at $5,371,000 after buying an additional 2,623,361 shares in the last quarter. Marshall Wace LLP acquired a new position in Ocugen during the 4th quarter worth approximately $3,417,000. Goldman Sachs Group Inc. lifted its stake in Ocugen by 2,256.4% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,302,475 shares of the company's stock valued at $3,108,000 after acquiring an additional 2,204,765 shares in the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in Ocugen by 121.7% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company's stock worth $4,331,000 after acquiring an additional 1,553,672 shares during the last quarter. 10.27% of the stock is currently owned by institutional investors.

Ocugen Stock Up 0.8%

OCGN stock opened at $1.33 on Tuesday. The stock has a fifty day moving average of $1.37 and a 200-day moving average of $1.55. Ocugen, Inc. has a fifty-two week low of $1.00 and a fifty-two week high of $2.73. The company has a market capitalization of $451.02 million, a price-to-earnings ratio of -5.12 and a beta of 2.21. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.80 and a current ratio of 0.80.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.02). The company had revenue of $1.49 million during the quarter, compared to analyst estimates of $0.89 million. As a group, equities research analysts predict that Ocugen, Inc. will post -0.25 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on OCGN shares. Canaccord Genuity Group cut their price target on shares of Ocugen from $12.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, May 27th. Wall Street Zen downgraded Ocugen from a "hold" rating to a "sell" rating in a research note on Saturday, August 8th. Finally, Weiss Ratings raised 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 issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $9.50.

Insider Buying and Selling at Ocugen

In related news, CFO Treerita Essali Johnson-Greene acquired 21,000 shares of the firm's stock in a transaction that occurred on Monday, June 15th. The shares were bought at an average cost of $1.23 per share, for a total transaction of $25,830.00. Following the purchase, the chief financial officer owned 521,000 shares in the company, valued at $640,830. This trade represents a 4.20% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 3.95% of the company's stock.

Ocugen Profile

Ocugen Inc is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing gene therapies to treat rare inherited retinal diseases, as well as vaccines designed to address unmet needs in infectious diseases. Headquartered in Malvern, Pennsylvania, the company applies its proprietary gene therapy platform to create novel treatments aimed at preserving and restoring vision, while leveraging strategic partnerships to broaden its vaccine pipeline.

In its gene therapy portfolio, Ocugen is advancing multiple programs targeting retinal disorders.

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