Ocugen (NASDAQ:OCGN) Stock: Insider Shankar Musunuri Sells 468,727 Shares

Ocugen, Inc. (NASDAQ:OCGN) CEO Shankar Musunuri sold 468,727 shares of the firm’s 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 completion of the transaction, the chief executive officer owned 4,018,470 shares in the company, valued at $3,817,546.50. This represents a 10.45% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 stock was 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 shares were sold at an average price of $1.12, for a total value 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 Trading Down 6.5%

NASDAQ:OCGN traded down $0.06 during mid-day trading on Tuesday, hitting $0.89. The company had a trading volume of 6,864,825 shares, compared to its average volume of 7,482,657. Ocugen, Inc. has a fifty-two week low of $0.87 and a fifty-two week high of $2.73. The business’s fifty day moving average is $1.18 and its two-hundred day moving average is $1.38. The company has a current ratio of 0.80, a quick ratio of 0.80 and a debt-to-equity ratio of 4.17.

Ocugen (NASDAQ:OCGN) last issued its earnings results 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 business had revenue of $1.49 million during the quarter, compared to analysts’ expectations of $0.89 million. On average, equities research analysts forecast that Ocugen, Inc. will post -0.25 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Ocugen

Several large investors have recently modified their holdings of OCGN. Engineers Gate Manager LP grew its position in shares of Ocugen by 70.2% in the 2nd quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock valued at $28,000 after purchasing an additional 7,577 shares during the period. Cora Capital Advisors LLC lifted its stake in Ocugen by 48.4% in the first quarter. Cora Capital Advisors LLC now owns 44,720 shares of the company’s stock valued at $81,000 after buying an additional 14,577 shares in the last quarter. GTS Securities LLC acquired a new position in shares of Ocugen in the second quarter valued at approximately $27,000. CTC Alternative Strategies Ltd. acquired a new position in shares of Ocugen in the first quarter valued at approximately $34,000. Finally, Diversify Advisory Services LLC bought a new stake in shares of Ocugen during the second quarter worth $25,000. 10.27% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wall Street Zen raised shares of Ocugen from a “sell” rating to a “hold” rating in a research note on Saturday, October 3rd. Weiss Ratings upgraded 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat, Ocugen currently has an average rating of “Moderate Buy” and a consensus 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.