Ocugen drops on stock offering

Ocugen OCGN.O shares down 7.2% premarket to $1.55 after biotech firm's follow-on prices

Gene therapies developer for blindness diseases announces 15 mln shares at $1.50 for $22.5 mln gross proceeds

Offering price represents 10.2% discount to stock's last close

Co intends to use net offering proceeds for general corporate purposes, capex, working capital, and expenses

Oppenheimer sole bookrunner

Co last week said in a mid-stage trial its therapy, OCU410, slowed progression of geographic atrophy, a severe form of age-related macular degeneration

Malvern, Pennsylvania-based OCGN has ~312.3 mln shares outstanding

Through Tues, OCGN stock up ~24% to begin 2026 and up about 135% over the past 12 months

All 5 analysts rate the stock "buy"; median PT $8, per LSEG data