Ocugen (NASDAQ:OCGN) Shares Down 6.2% Following Insider Selling

Ocugen, Inc. (NASDAQ:OCGN)’s share price traded down 6.2% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $9.45 and last traded at $9.51. 302,716 shares traded hands during mid-day trading, a decline of 99% from the average session volume of 40,429,464 shares. The stock had previously closed at $10.14.

Specifically, Director Uday Kompella sold 50,000 shares of Ocugen stock in a transaction dated Monday, May 3rd. The stock was sold at an average price of $15.01, for a total transaction of $750,500.00. Following the completion of the sale, the director now directly owns 620,674 shares in the company, valued at approximately $9,316,316.74. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Vijay Tammara sold 4,317 shares of Ocugen stock in a transaction dated Monday, May 3rd. The shares were sold at an average price of $16.00, for a total value of $69,072.00. Following the sale, the senior vice president now owns 9,000 shares of the company’s stock, valued at $144,000. The disclosure for this sale can be found here. Insiders have sold a total of 755,056 shares of company stock valued at $9,167,376 over the last 90 days. Corporate insiders own 3.40% of the company’s stock.

OCGN has been the subject of several analyst reports. Roth Capital lowered Ocugen from a “buy” rating to a “neutral” rating in a report on Thursday. Zacks Investment Research lowered Ocugen from a “hold” rating to a “sell” rating in a report on Wednesday, May 26th. Chardan Capital reduced their target price on Ocugen from $8.00 to $4.50 and set a “neutral” rating for the company in a report on Thursday. Finally, Cantor Fitzgerald restated a “neutral” rating and issued a $11.00 target price (down from $15.00) on shares of Ocugen in a report on Thursday, May 13th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $7.20.

The company has a debt-to-equity ratio of 0.04, a current ratio of 12.00 and a quick ratio of 12.00. The business has a 50-day moving average of $8.76. The firm has a market capitalization of $1.33 billion, a P/E ratio of -21.58 and a beta of 4.47.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings data on Friday, May 7th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.54). On average, analysts predict that Ocugen, Inc. will post 1.05 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in OCGN. Victory Capital Management Inc. increased its position in shares of Ocugen by 29.2% during the fourth quarter. Victory Capital Management Inc. now owns 25,243 shares of the company’s stock valued at $46,000 after purchasing an additional 5,712 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Ocugen during the fourth quarter valued at approximately $197,000. Northern Trust Corp increased its position in shares of Ocugen by 124.0% during the fourth quarter. Northern Trust Corp now owns 306,118 shares of the company’s stock valued at $560,000 after purchasing an additional 169,454 shares during the period. LPL Financial LLC bought a new stake in shares of Ocugen during the fourth quarter valued at approximately $59,000. Finally, LMR Partners LLP bought a new stake in shares of Ocugen during the fourth quarter valued at approximately $26,000. Institutional investors and hedge funds own 12.47% of the company’s stock.

About Ocugen (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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