In a recent transaction, Prabhavathi Fernandes, a director at Ocugen, Inc. (NASDAQ:OCGN), purchased 10,000 shares of common stock. The shares were acquired at a weighted average price of approximately $0.9095, totaling $9,095. According to InvestingPro data, this purchase comes as the stock has shown remarkable performance, delivering a 148% return over the past year despite its volatile nature. The purchase occurred on November 26, 2024, as disclosed in a filing with the Securities and Exchange Commission. Following this transaction, Fernandes holds a direct ownership of 10,000 shares in the company. The shares were bought in multiple transactions, with prices ranging from $0.9042 to $0.9145. With a current market capitalization of $276 million and an overall financial health score of FAIR, InvestingPro analysis suggests the stock is currently undervalued. Subscribers can access 12 additional ProTips and a comprehensive Pro Research Report for deeper insights into Ocugen's potential.
In other recent news, Ocugen, Inc. has made significant strides in ophthalmology gene therapies, as highlighted in its third-quarter financial results and clinical program updates. The company's CEO, Dr. Shankar Musunuri, announced the Health Canada approval for the OCU400 Phase 3 liMeliGhT Clinical Trial and the U.S. FDA's approval for an Expanded Access Program for the same drug. Additionally, Ocugen initiated a Phase 1 clinical trial for OCU200, a treatment for Diabetic Macular Edema.
On the financial front, Ocugen secured $30 million in debt financing, extending its financial runway into Q1 2026. The company reported cash and restricted cash of $39 million as of September 30, 2024, with quarterly operating expenses amounting to $14.4 million.
In terms of future plans, Ocugen intends to file for commercialization of OCU400 in 2027, targeting approximately 300,000 RP patients in the U.S., Europe, and Canada. Furthermore, the company is planning to engage with EU regulators for the geographic atrophy program and is considering modifications to the Phase 2 trial for OCU410ST. Despite a slight decrease in cash and restricted cash from $39.5 million at the end of 2023 to $39 million as of September 30, 2024, Ocugen is advancing multiple clinical trials and exploring opportunities to enhance working capital and strategic partnerships.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.