Short Interest in Ocugen (NASDAQ:OCGN) Declines By 24.9%

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Ocugen (NASDAQ:OCGN) saw a large decline in short interest in 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. Based on an average daily trading volume, of 7,150,000 shares, the days-to-cover ratio is currently 0.2 days. Currently, 14.9% of the company’s shares are short sold.

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

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

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

In other Ocugen news, Director Junge Zhang purchased 115,000 shares of the stock in a transaction dated Monday, November 25th. The stock was bought at an average price of $0.27 per share, for a total transaction of $31,050.00. Following the transaction, the director now directly owns 215,078 shares in the company, valued at $58,071.06. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Shankar Musunuri purchased 406,000 shares of the stock in a transaction dated Thursday, December 12th. The shares were acquired 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 disclosure for this purchase can be found here. In the last quarter, insiders have bought 1,196,000 shares of company stock valued at $421,790. 44.70% of the stock is owned by corporate insiders.

A hedge fund recently raised its stake in Ocugen stock. Virtu Financial LLC raised its stake in Ocugen (NASDAQ:OCGN) by 2,626.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 449,011 shares of the company’s stock after buying an additional 432,541 shares during the quarter. Virtu Financial LLC owned about 2.81% of Ocugen worth $233,000 at the end of the most recent reporting period. 4.07% of the stock is owned by institutional investors and hedge funds.

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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