Shares of Ocugen Inc (NASDAQ: OCGN) are rising premarket after the biopharmaceutical company announced it has entered into to definitive agreements with healthcare-focused institutional investors to sell an aggregate of three million shares of its common stock at a purchase price of $7.65.
The offering's gross proceeds are expected to be approximately $23 million with Ocugen intending to use the proceeds for general corporate purposes, capital expenditure, working capital, and general administrative expenses.
The offering is expected to close on or around the 10th of February 2021, with H.C. Wainwright & Co acting as the exclusive placement agent.
H.C. Wainwright analyst, Swayampakula Ramakanth, raised his rating on Ocugen’s stock on Thursday from neutral to buy placing a $4.50 price target on the shares.
That price target was broken through on Friday with Ocugen shares closing at $5.25 after a 61.54% rise. Premarket on Monday the company’s share price is up 77.90% at $9.34.