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Summary
- Ocugen’s stock soared 80 per cent on Tuesday, as the company announced its collaboration with India’s Bharat Biotech to retail and co-develop COVID-19 Vaccine COVAXIN™ in the US markets post FDA approval.
- Ocugen’s one-day volume propelled to over 410 million on the back of the above development. It has an attractive one-year return of 528 per cent.
- Cassava’s shares skyrocketed to 141 per cent on February 2 after the company reported promising initial Phase-3 results for its Alzheimer’s disease drug candidate, Simufilam.
Healthcare stocks Ocugen Inc. (OCGN:US or NASDAQ: OCGN) and Cassava Sciences Inc. (SAVA:US or NASDAQ: SAVA) were all the rage in North American markets on Tuesday, February 2. Stocks of US-based biotech firm Ocugen jumped over 80 per cent after it announced entering a definitive agreement with Indian biotechnology company Bharat Biotech to retail and co-develop COVID jab COVAXIN™ in the US markets.
Stocks of the other US-based biotech firm Cassava Sciences zoomed more than 141 per cent following promising preliminary results from its open-label trial of Simufilam, a drug candidate for Alzheimer’s disease. The company says an improvement was noticed in patients’ behavior and cognition for six months of Simufilam treatment without any side-effects.
Let us delve into these two biotech stocks’ market performances:
Ocugen, Inc. (OCGN:US or NASDAQ: OCGN)
The biopharmaceutical firm’s current stock price is US$ 3.25. Its one-year return has rocketed to 528 per cent.
Ocugen’s trading volume saw an extraordinary surge on Tuesday, touching almost 410.5 million. It pushed its 30-day average volume to 101 million on the NASDAQ exchange.
The small-cap health care stock’s earnings per share is 3.80, and the price-to-book ratio is 36.222. Its current market cap is around C$ 538.2 million.
Ocugen will receive the first slot of COVAXIN™ shots from Bharat Biotech after the US FDA authorization. COVAXIN™ obtained Emergency Use Authorization in India last month, and it is currently in a registered Phase 3 clinical trial that includes 25,800 patients.
Ocugen held total cash of US$ 19.3 million at the end of In the third quarter of 2020, ended on September 30, 2020.
Its R&D costs for Q3 2020 were US$ 1.5 million versus US$ 1.3 million for Q3 2019.
Cassava Sciences Inc. (SAVA:US or NASDAQ: SAVA)
The biotech company engages in the research and development for the detection and treatment of Alzheimer's disease. Its stocks have amplified by 584 per cent in one year. The stock closed at US$ 55.33 apiece on Tuesday.
The biotech share has cruised by 689 per cent year-to-date (YTD), with a price-to-book ratio of 80.348. Its last 10-day average volume is around 11 million.
Cassava’s cash and cash equivalent were US$ 24.1 million as of September 30, 2020, with no debt in Q3 2020.
The company increased its R&D operations with total expenses of US$ 0.4 million in Q3 2020 from negative US$ 0.1 million in Q3 2019. The increase was led by the National Institutes of Health’ lower grants’ reimbursements.
