Ocugen (NASDAQ:OCGN) CEO Shankar Musunuri Sells 468,727 Shares of Company Stock

Key Points

• CEO Shankar Musunuri sold 468,727 Ocugen shares at an average price of $0.95, generating approximately $445,291. The sale was made under a pre-arranged Rule 10b5-1 trading plan and reduced his direct ownership by 10.45% to 4.02 million shares.
• Ocugen shares fell 6.5% to $0.89, near the company’s 52-week low of $0.87. The biotech also reported a quarterly loss of $0.07 per share, missing analysts’ $0.05 loss estimate, despite revenue exceeding expectations.
• Institutional investors own 10.27% of Ocugen, with firms including BlackRock and Bank of America recently establishing or increasing positions. Analysts maintain a consensus “Moderate Buy” rating with an average price target of $9.50.

Ocugen, Inc. (NASDAQ:OCGN - Get Free Report) CEO Shankar Musunuri sold 468,727 shares of the stock in a transaction on Friday, October 9th. The stock was sold at an average price of $0.95, for a total value of $445,290.65. Following the transaction, the chief executive officer directly owned 4,018,470 shares in the company, valued at approximately $3,817,546.50. This represents a 10.45% decrease in their position. The sale was disclosed in a document filed 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.

Shankar Musunuri also recently made the following trade(s):

• On Friday, October 9th, Shankar Musunuri sold 57,264 shares of Ocugen stock. The shares were sold at an average price of $0.95, for a total value of $54,400.80.
• On Wednesday, September 9th, Shankar Musunuri sold 57,264 shares of Ocugen stock. The stock was sold at an average price of $1.12, for a total transaction of $64,135.68.
• On Wednesday, September 9th, Shankar Musunuri sold 468,727 shares of Ocugen stock. The shares were sold at an average price of $1.12, for a total value of $524,974.24.

Ocugen Stock Down 6.5%

OCGN stock traded down $0.06 during trading on Tuesday, reaching $0.89. The stock had a trading volume of 6,864,825 shares, compared to its average volume of 7,482,657. Ocugen, Inc. has a 1-year low of $0.87 and a 1-year high of $2.73. The company has a debt-to-equity ratio of 4.17, a quick ratio of 0.80 and a current ratio of 0.80. The firm has a fifty day moving average price of $1.18 and a 200 day moving average price of $1.38.

Ocugen (NASDAQ:OCGN - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.07) earnings per share 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. As a group, sell-side analysts expect that Ocugen, Inc. will post -0.25 EPS for the current year.

Institutional Investors Weigh In On Ocugen

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Bank of America Corp DE bought a new stake in shares of Ocugen during the second quarter worth approximately $3,046,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Ocugen by 121.7% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 2,830,397 shares of the company's stock valued at $4,331,000 after buying an additional 1,553,672 shares during the period. BlackRock Inc. acquired a new position in Ocugen in the second quarter valued at approximately $41,314,000. Headlands Technologies LLC boosted its stake in Ocugen by 527.1% in the second quarter. Headlands Technologies LLC now owns 511,575 shares of the company's stock valued at $783,000 after acquiring an additional 429,997 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new position in Ocugen in the second quarter valued at approximately $1,238,000. Institutional investors own 10.27% of the company's stock.

Analyst Ratings Changes

OCGN has been the topic of a number of analyst reports. Wall Street Zen raised Ocugen from a "sell" rating to a "hold" rating in a report on Saturday, October 3rd. Weiss Ratings raised shares of 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 assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $9.50.

Ocugen Company Profile

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 platform includes modifier gene therapy, which is designed to address common disease pathways and potentially treat multiple genetic disorders with a single therapeutic approach.

Ocugen's ophthalmic pipeline includes OCU400, an investigational gene therapy being developed for certain forms of retinitis pigmentosa, as well as OCU410 and OCU410ST, which are being studied for geographic atrophy associated with age-related macular degeneration.

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