What Happened With OCGN Stock In a news release, Ocugen said it is issuing 15,973,420 million shares of its common stock for gross proceeds of approximately $53.5 million. The share sale is expected to close on Feb. 25, and the company says it will use the proceeds for “working capital” and “general corporate purposes.”
Full Answer
What is going on with ocugen stock?
The stock has been in a steady decline throughout the past months falling from monthly highs of around $18. Ocugen stock has been trending on social media sites throughout the day, and was down 9.25% to $4.81 at the close on Tuesday.
Why did ocugen stock crash 19% on Friday?
Shares of Ocugen (NASDAQ: OCGN) were crashing 19.2% lower as of 11:23 a.m. ET on Friday. The steep decline came after the company announced that the U.S. Food and Drug Administration (FDA) won't grant Emergency Use Authorization (EUA) for COVID-19 vaccine Covaxin in children ages two to 18.
Why is ocugen (OCN) falling?
Ocugen is falling at a pretty rapid pace, pushing below the support level with some volume. This shows that the stock is being sold by many and that bears are in control of the stock. Bears are hoping the $6 level will become resistance for a possible further move downward.
Should investors cheer the lift of ocugen’s clinical hold?
Investors were justified in cheering the lifting of the clinical hold, as it removes a major obstacle standing between Ocugen and its goal of eventually marketing Covaxin in the U.S.
What happened to Ocugen Inc?
Ocugen stock drops after FDA places clinical hold on study of COVID-19 vaccine candidate Covaxin - MarketWatch.
Will Ocugen stock go back up?
Long-term Ocugen stock forecast 2022-2025 Algorithm-based forecasting service Wallet Investor gave a positive OCGN stock price forecast. The site predicted that the share price could climb over the next year, to $7.2 by March 2023.
Why is Ocugen stock dropping today?
Ocugen stock drops after FDA places clinical hold on study of COVID-19 vaccine candidate Covaxin. Shares of Ocugen Inc. sank 6.9% premarket, after the biotechnology company said the U.S. Food and Drug Administration placed a "clinical hold" on the Phase 2/3 study of its .
What is the future of Ocugen stock?
Stock Price Forecast The 4 analysts offering 12-month price forecasts for Ocugen Inc have a median target of 5.50, with a high estimate of 15.00 and a low estimate of 3.50. The median estimate represents a +150.00% increase from the last price of 2.20.
Should I sell my Ocugen stock?
Should I buy or sell Ocugen stock right now? 5 Wall Street research analysts have issued "buy," "hold," and "sell" ratings for Ocugen in the last year. There are currently 2 hold ratings and 3 buy ratings for the stock. The consensus among Wall Street research analysts is that investors should "buy" Ocugen stock.
Should I hold OCGN stock?
The financial health and growth prospects of OCGN, demonstrate its potential to underperform the market. It currently has a Growth Score of D. Recent price changes and earnings estimate revisions indicate this would not be a good stock for momentum investors with a Momentum Score of F.
Did OCGN reverse split?
The split for OCGN took place on September 30, 2019. This was a 1 for 60 reverse split, meaning for each 60 shares of OCGN owned pre-split, the shareholder now owned 1 share. For example, a 1000 share position pre-split, became a 16.6666666666667 share position following the split.
What does Ocugen company do?
Ocugen, Inc. is a clinical-stage biotechnology company focused on discovering, developing, and commercializing gene therapies, biologicals and vaccines that improve health and offer hope for people and global communities.
Why did OCGN go up?
Shares of Ocugen (OCGN 8.14%) had skyrocketed by 19.1% as of 11:15 a.m. ET on Tuesday. The huge gain came after the company announced that the Food and Drug Administration (FDA) had lifted the clinical hold on its investigational new drug (IND) application for COVID-19 vaccine Covaxin.
What is the target price for Ocugen?
Stock Price TargetsHigh$15.00Median$5.50Low$3.50Average$7.38Current Price$2.2100
Is Ocugen FDA approved?
Ocugen gets FDA approval to resume COVID vaccine trial.
What happened
Shares of Ocugen (NASDAQ: OCGN) were falling 5.1% as of 12:03 p.m. ET on Wednesday. The company hasn't made any announcements this week. Its stock appears to simply be continuing a slide that began in early November.
So what
On July 15, 2021, Ocugen announced that it had initiated a rolling submission for the authorization of Covaxin in Canada. The company submitted an Investigational New Drug (IND) application on Oct. 27, 2021, to begin a phase 3 study of the vaccine in the U.S. It filed for U.S. Emergency Use Authorization (EUA) in children ages 2 to 18 on Nov.
Now what
Probably the best chances for Ocugen's shares to rebound are for the FDA's clinical hold to be lifted so that the phase 3 study of Covaxin can proceed. However, it's uncertain how long it will be before the agency's issues with Ocugen's IND application will be resolved.
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Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community.
What happened
Like the broader stock market, Ocugen (NASDAQ: OCGN) shares ticked up well shy of 1% on Wednesday. The biotech had some good news to report about the coronavirus vaccine that it's licensing, but this didn't move the needle much for investors.
So what
This morning, Ocugen happily announced that the vaccine Covaxin did well in a clinical study conducted at Emory University in Georgia. The findings indicate that a Covaxin booster, given to people who had previously undergone the standard two-dose regime of the vaccine, neutralized the delta and omicron variants of the coronavirus.
Now what
While the new study bolsters Covaxin's status as an efficacious weapon in the fight against the coronavirus, Ocugen is still rather behind the pack in the vaccine race.
The Motley Fool
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community.
What happened
Shares of Ocugen (NASDAQ: OCGN) had skyrocketed by 19.1% as of 11:15 a.m. ET on Tuesday. The huge gain came after the company announced that the Food and Drug Administration (FDA) had lifted the clinical hold on its investigational new drug (IND) application for COVID-19 vaccine Covaxin.
So what
Ocugen's announcement came after the market closed on Friday. Since the stock market was closed on Monday for Presidents' Day, investors had to wait for the biotech stock to soar.
Now what
Ocugen could have more details to share related to its Covaxin efforts later on Friday, when it's scheduled to host a conference call to discuss its fourth-quarter and full-year results, and provide a business update.
The Motley Fool
Founded in 1993 in Alexandria, VA., by brothers David and Tom Gardner, The Motley Fool is a multimedia financial-services company dedicated to building the world's greatest investment community.
What Happened With OCGN Stock
In a news release, Ocugen said it is issuing 15,973,420 million shares of its common stock for gross proceeds of approximately $53.5 million. The share sale is expected to close on Feb.
Why It Matters
The latest share sale is evidence that Ocugen likely needs additional capital to fund its operations while it tries to bring its Covid-19 vaccine to market in North America.
