© Reuters. Should You Buy the Dip in Ocugen?
Ocugen’s (OCGN) share price plunged sharply following the company’s announcement on June 10 that it will pursue a BLA rather than an EUA for Bharat Biotech’s COVID-19 vaccine candidate COVAXIN. Moreover, can OCGN’s stock rebound by relying on its pipeline of products that are focused on gene therapies to cure eye diseases? Let’s find out.Clinical-stage biopharmaceutical company Ocugen, Inc.’s (NASDAQ:) shares soared to hit their 52-week high of $18.77 on February 8, 2021 following its agreement with Bharat Biotech to commercialize COVAXIN, an advanced stage whole-virion inactivated COVID-19 vaccine candidate, in the United States. However, OCGN’s shares fell sharply after it announced on June 10 that instead of pursuing an Emergency Use Authorization (EUA) for COVAXIN it will submit a biologics license application (BLA). The stock has declined 35.6% since the announcement.
Furthermore, the stock has lost 38.7% over the past three months to close yesterday’s trading session at $6.13. Most of the company’s gene therapies to cure eye diseases—OCU400, OCU410 and OCU200—are still in their early stages of development.
Also, with the COVID-19 cases declining in the United States, other companies such as Pfizer Inc. (NYSE:), Moderna , Inc. (NASDAQ:) and Johnson & Johnson (JNJ) are already deploying their vaccines in the country based on EUAs. So, OCGN’s near-term prospects look bleak.
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