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Summary
- Ocugen’s stocks climbed more than 61 per cent on Friday after healthcare analysts bet on its collaboration with Bharat Biotech to manufacture COVID vaccine COVAXIN™.
- The biopharma stock has zoomed as much as 2988 per cent from its 52-week low, with an average volume of over 115 million for the last 30 days.
- COVAXIN™ still awaits regulatory approval in the US.
- The stock could touch new highs once its vaccine candidate is cleared for use.
Ocugen, Inc. (OCGN: US or NASDAQ: OCGN), a US-based biotech firm, has partnered with Indian COVID-19 vaccine developer Bharat Biotech in December 2020. Under this collaboration, both the pharma companies agreed to retail and co-develop the COVID-19 vaccine, COVAXIN™, for the United States market.
COVAXIN™ already has the regulatory permission in India for emergency use. However, the vaccine candidate is yet to clear the US Food and Drug Administration (FDA) test.
Ocugen stocks have zoomed since this alliance announcement on December 22. The stocks are up nearly 3000 per cent since then.
Analysts have started giving positive feedback on this stock. Some even claim that the Indian vaccine candidate could be more effective against coronavirus variants than current lot that have cleared the FDA scrutiny.
On Friday, February 5, Ocugen’s shares rose as much as 61.54 per cent, with a one-day trading volume of more than 364.4 million.
Let us have a look at Ocugen’s stock performance:
Ocugen, Inc. (OCGN: US or NASDAQ: OCGN)
The biopharma company offers gene therapies to treat eye-related diseases. Now, it is changing gears and is all set to develop COVID-19 vaccines.
Its stock is currently at US$ 5.25 per share, which is up 926 per cent in one year.
It has approximately 162 million listed shares outstanding on the NASDAQ exchange with 30-day average volume of 115.8 million.
Ocugen stock has skyrocketed 2988 per cent from its 52-week low of US$ 0.17.
Its earnings per share is US$3.80, and the present price-to-book (P/B) ratio is 58.333.
Image Source: Kalkine Media @2020
In its third quarter of 2020, ended on September 30, 2020, the pharma company recorded cash, cash equivalents, and restricted cash of US$ 19.3 million, up 154 per cent year-over-year.
Its research and development (R&D) expenses were US$ 1.5 million for Q3 2020, up from US$ 1.3 million for Q3 2019.
Ocugen stocks may extend its rally once it is approved by the FDA. The steady growth is also likely to continue till the world continues to fight the turbulent times of COVID with the help of vaccines.
However, this is just a preliminary perspective and any interest in the stock should be evaluated further from investment point of view.
