Ocugen (NASDAQ: OCGN) Stocks Skyrocket Over 180%

2 min read | February 08, 2021 12:09 PM EST | By Hina Chowdhary

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Ocugen (NASDAQ: OCGN) Stocks Skyrocket Over 180%

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Summary

Ocugen plans to raise US$23 million from a direct stock offering to institutional investors this week.

The company plans to launch the Covid vaccine Covaxin^TM in the US market this year.

In the last three months, its stock value rose by more than 340 per cent.

Stocks of biotech healthcare company Ocugen Inc. (NASDAQ:OCGN) saw brisk trading in the early session on Monday, lifted by an announcement to sell three million company shares this week.

Besides leading the headlines on several US and Canadian sites, it also topped the Yahoo and Google trends. Ocugen stocks (NASDAQ:OCGN) were trading at US$14.75 at 11:51 AM EST on Monday, which was an increase of 180 per cent from the previous close.

The company plans to raise US$23 million from the stock sale, at a premium of US$7.65 per share, to healthcare-focused institutional investors. It will close on February 10. The proceeds will be used for capital expenditures, working capital, and administrative expenses, the company said in a statement.

Ocugen stocks have come into the spotlight after it announced to launch a COVID-19 vaccine called Covaxin in collaboration with Bharat Biotech in the US market. The companies will share the profits.

While a formal authorization from the US regulators is due, Ocugen plans to stock up the drug from Bharat Biotech. Earlier, India had allowed the emergency use of the drug.

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The companies claim the drug is also effective against the new mutant variants of the Covid-19 virus.

The value of the stock rose by more than 270 per cent in the last five days. And over 340 per cent and 1700 per cent in the last three months and one year, respectively.

However, it acquired most of the gains in the last two months. Its 10-day and 30-day volume averages were 105 million and 118 million, respectively.

Ocugen has a market cap of US$1.7 billion and a debt-to-equity (D/E) ratio of 0.23.

The company specializes, a clinical-stage biopharmaceutical company, develops and markets different drugs and therapies including those used for eye and liver diseases.

It also offers gene therapies and a broad range of medications for diseases like diabetes and age-related macular degeneration.

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