Why Ocugen Shares Are Slipping Today
Shares of Ocugen (NASDAQ: OCGN) were slipping 5% lower as of 11:27 a.m. EDT on Thursday. The company didn't announce any new developments, so what's behind this decline? One potential reason relates to Ocugen's inclusion in the Russell 3000 index.
Ocugen announced a few weeks ago that its shares would be included in the Russell 3000, which tracks the performance of the 3,000 largest stocks traded in the U.S. This change took effect as of the market close on June 28.
It's probably no coincidence that the biotech stock has fallen since then. Why? Any mutual funds or exchange-traded funds that track the Russell 3000 had to buy shares of Ocugen with its inclusion in the index. Between the date Ocugen announced that it would join the index and the effective date of the addition, its shares soared more than 30%.
Source Fool.com
