Insider Selling: Ocugen (NASDAQ:OCGN) CEO Sells 468,727 Shares

Ocugen, Inc. (NASDAQ:OCGN) CEO Shankar Musunuri sold 468,727 shares of the firm’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $1.12, for a total transaction of $524,974.24. Following the completion of the sale, the chief executive officer owned 4,487,197 shares in the company, valued at approximately $5,025,660.64. The trade was a 9.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

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

• 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.

Ocugen Stock Performance

Ocugen stock traded down $0.01 during mid-day trading on Friday, reaching $1.02. The company had a trading volume of 6,410,786 shares, compared to its average volume of 5,912,163. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 4.17. The firm has a market cap of $345.89 million, a price-to-earnings ratio of -3.92 and a beta of 2.20. The company has a 50 day moving average of $1.33 and a 200-day moving average of $1.53. Ocugen, Inc. has a 52 week low of $1.01 and a 52 week high of $2.73.

Ocugen (NASDAQ:OCGN) last released its earnings results 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 for the quarter, compared to analyst estimates of $0.89 million. On average, sell-side analysts expect that Ocugen, Inc. will post -0.25 EPS for the current fiscal year.

Hedge Funds Weigh In On Ocugen

Several institutional investors have recently added to or reduced their stakes in the company. Engineers Gate Manager LP lifted its stake in shares of Ocugen by 70.2% during the second quarter. Engineers Gate Manager LP now owns 18,368 shares of the company’s stock valued at $28,000 after acquiring an additional 7,577 shares during the period. Jain Global LLC boosted its holdings in Ocugen by 7.2% in the fourth quarter. Jain Global LLC now owns 114,690 shares of the company’s stock valued at $155,000 after acquiring an additional 7,686 shares during the last quarter. BNP Paribas Financial Markets increased its position in Ocugen by 56.7% in the second quarter. BNP Paribas Financial Markets now owns 36,822 shares of the company’s stock worth $36,000 after purchasing an additional 13,326 shares during the period. Cora Capital Advisors LLC lifted its position in Ocugen by 48.4% during the 1st quarter. Cora Capital Advisors LLC now owns 44,720 shares of the company’s stock valued at $81,000 after purchasing an additional 14,577 shares during the period. Finally, GTS Securities LLC bought a new position in shares of Ocugen in the 2nd quarter valued at about $27,000. 10.27% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts recently commented on OCGN shares. Canaccord Genuity Group cut their target price on Ocugen from $12.00 to $11.00 and set a “buy” rating for the company in a research note on Wednesday, May 27th. Weiss Ratings upgraded shares of Ocugen from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, August 11th. Finally, Wall Street Zen lowered shares of Ocugen from a “hold” rating to a “sell” rating in a report on Saturday, August 8th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

About Ocugen

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.