Snap Stock- Why Ocugen (OCGN) Stock Sees Downtrend Despite All Bullish News? – Fintech Zoom
Ocugen (NASDAQ: OCGN) stock skyrocketed over 2,280% in the last 12 months after the company brought Bharat Biotech-manufactured COVID-19 vaccine, Covaxin, to the US. However, the stock dipped over 34% last month. The biotech company is betting on fields such as gene therapy and COVID-19.
The Covaxin vaccine is 81% effective, as demonstrated by phase 3 trials in India, and Ocugen anticipates to big the vaccine to the US in the second quarter. The company targets selling 100 million doses of the vaccine in the US from Q2 2021. It will start by importing them from India before ramping production in the US. The stock has $42,620 in trailing revenue, and the Covaxin vaccine sale will add more revenue flow.
The company is some steps ahead before receiving EUA for the vaccine, and if it succeeds, it will launch sometime this year. However, this is challenging because already there is mass vaccination using vaccines from large pharmaceutical companies. For now, Ocugen is worth a stock to keep tabs on in the coming months.
Biotech, Tech, and Crypto reporter
Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.