Ocugen is seeking approval for the COVAXIN Covid-19 vaccine in the U.S. and Canada where it has exclusive distribution rights. The stock is trading sharply lower from highs in Q2 since its emergency use authorization effort in the U.S. was rejected by the FDA.
Is ocugen stock really losing its value?
Jul 09, 2021 · In the meantime, Ocugen has $44.7 million in cash and lost $7 million in the first quarter. The long-term prognosis shows the company has, at its current burn rate, six years to come up with a...
What happened to ocgn stock?
Feb 09, 2021 · Chardan analyst Keay Nakae lowered his rating on Ocugen from buy to neutral following the stock's steep rise in recent months. The biotech's share price skyrocketed from $0.29 on Dec. 21, 2020, to...
What happened to ocugen?
Sep 28, 2021 · The stock is trading sharply lower from highs in Q2 since its emergency use authorization effort in the U.S. was rejected by the FDA. While we expect a U.S. approval in 2022 or 2023, the risk is...
What are the ratings for Dow Jones ocugen Inc (Dow) stocks?
Jul 09, 2021 · In the meantime, Ocugen has $44.7 million in cash and lost $7 million in the first quarter. The long-term prognosis shows the company has, at its current burn rate, six years to come up with a...
Will Ocugen stock go back up?
Long-term Ocugen stock forecast 2022-2025 The site predicted that the share price could climb over the next year, to $7.2 by March 2023.Mar 23, 2022
Is Ocugen a good stock to hold?
The consensus among Wall Street research analysts is that investors should "hold" Ocugen stock. A hold rating indicates that analysts believe investors should maintain any existing positions they have in OCGN, but not buy additional shares or sell existing shares.
Why Ocugen is going up?
Shares of Ocugen Inc. OCGN, +14.63% surged 6.4% in morning trading Thursday, to bounce off a near 11-month low, after the biopharmaceutical company said its partner, Bharat Biotech, reported positive results from a trial of its COVID-19 vaccine candidate.Dec 30, 2021
Who is making Covaxin?
COVAXIN®, India's indigenous COVID-19 vaccine by Bharat Biotech is developed in collaboration with the Indian Council of Medical Research (ICMR) - National Institute of Virology (NIV).
Is Ocugen under FDA approval?
Image source: Getty Images. Nakae noted that gaining Emergency Use Authorization from the U.S. Food and Drug Administration (F DA) is not a certainty, as clinical trials for the drug are still under way in India.
Is Ocugen stock upside?
market. However, until investors know for sure that Ocugen will be author ized to sell the drug, those profits remain uncertain. Ocugen's now lower stock price, in turn, helps to account for this risk.
Is Ocugen a neutral stock?
Chardan analyst Keay Nakae lowered his rating on Ocugen from buy to neutral following the stock's steep rise in recent months. The biotech's share price skyrocketed from $0.29 on Dec. 21, 2020, to $15.81 on Feb. 8, 2021, after Ocugen disclosed its plans to potentially bring Bharat Biotech's coronavirus vaccine candidate, Covaxin, to the U.S.
What happened
Shares of Ocugen (NASDAQ: OCGN) dropped more than 3% on Friday. The stock opened at $7.46, but by 2:30 p.m., it was down to $7.25. Ocugen's stock is still up more than 295% for the year.
So what
The biggest driver for the move is likely the uncertainty around the company's partnership deal with India pharmaceutical company Bharat Biotech regarding Covaxin, an anti-coronavirus vaccine that is already being administered in India.
Now what
The hope was that Covaxin sales would give Ocugen some much-needed revenue to pursue its other therapies. It appears the company may have to wait a while before that happens. In the meantime, Ocugen has $44.7 million in cash and lost $7 million in the first quarter.
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.
What is Ocugen stock?
For most of its history, what we now know as Ocugen stock was Histogenics, a cell therapy company focused on orthopedics. The equity has experienced a continual decline for years. It peaked at a split-adjusted level of around $778 per share soon after its initial public offering in 2014. In the late summer of 2018, the stock crashed below $1 per share as investors sold off following a failed phase three trial.
When did Ocugen merge?
The stock had gained some traction after they announced the Ocugen merger in April. Ocugen, previously a private company, instituted a reverse merger, which they completed on Sep. 30. With this, the newly formed Ocugen initiated a 60:1 reverse stock split. However, when that occurred, Ocugen stock lost most of its value.