Ocugen (NASDAQ:OCGN) Sees Large Decrease in Short Interest

Ocugen (NASDAQ:OCGN) was the target of a large decline in short interest during the month of January. As of January 31st, there was short interest totalling 1,540,000 shares, a decline of 24.9% from the January 15th total of 2,050,000 shares. Approximately 14.9% of the shares of the stock are short sold. Based on an average daily volume of 7,150,000 shares, the short-interest ratio is presently 0.2 days.

In other news, CEO Shankar Musunuri purchased 406,000 shares of Ocugen stock in a transaction dated Thursday, December 12th. The shares were purchased at an average price of $0.34 per share, with a total value of $138,040.00. Following the transaction, the chief executive officer now owns 263,000 shares in the company, valued at $89,420. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Junge Zhang purchased 115,000 shares of Ocugen stock in a transaction dated Monday, November 25th. The shares were purchased at an average cost of $0.27 per share, for a total transaction of $31,050.00. Following the transaction, the director now owns 215,078 shares in the company, valued at approximately $58,071.06. The disclosure for this purchase can be found here. Over the last 90 days, insiders have bought 1,196,000 shares of company stock worth $421,790. Insiders own 44.70% of the company’s stock.

An institutional investor recently raised its position in Ocugen stock. Virtu Financial LLC raised its position in Ocugen (NASDAQ:OCGN) by 2,626.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 449,011 shares of the company’s stock after purchasing an additional 432,541 shares during the quarter. Virtu Financial LLC owned 2.81% of Ocugen worth $233,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 4.07% of the company’s stock.

Shares of OCGN stock traded up $0.01 during trading on Friday, hitting $0.57. 1,525,136 shares of the stock traded hands, compared to its average volume of 5,834,224. The company has a market capitalization of $8.96 million, a price-to-earnings ratio of -0.01 and a beta of 2.65. The firm’s fifty day moving average price is $0.59. Ocugen has a 52-week low of $0.23 and a 52-week high of $21.60.

Ocugen (NASDAQ:OCGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.66) EPS for the quarter. On average, research analysts expect that Ocugen will post -3.68 earnings per share for the current year.

Several research firms have recently commented on OCGN. HC Wainwright began coverage on shares of Ocugen in a research report on Friday, December 20th. They set a “buy” rating and a $1.25 price target on the stock. Chardan Capital began coverage on shares of Ocugen in a research report on Wednesday, November 27th. They set a “buy” rating and a $2.00 price target on the stock. Finally, ValuEngine raised shares of Ocugen from a “hold” rating to a “buy” rating in a research report on Tuesday, February 4th.

About Ocugen

Ocugen, Inc, a clinical stage biopharmaceutical company, focuses on discovering, developing, and commercializing a pipeline of innovative therapies that address rare and underserved eye diseases. The company offers an ophthalmology portfolio that includes novel gene therapies, biologics, and small molecules, as well as targets a range of retinal and ocular surface diseases.

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