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Tag: OCGN stock

  • Ocugen, Inc. (OCGN) stock gained in the Pre-market; here is why?

    Ocugen, Inc. (OCGN) stock gained in the Pre-market; here is why?

    Ocugen, Inc. (OCGN) gained in the pre-market after announcing the fourth quarter and fiscal 2021 results. OCGN values at $3.17 gained more than 3.92% compared to yesterday’s closing price. The stock closed at $3.06 at the end of the last trading session. The stock volume traded in the last trading session was around 13.32 million shares. The current market cap of the company is around $623.45 million.

    OCGN: Q4 and Fiscal 2021 Key Financials

    • In the fourth quarter of 2021, R&D spending was $7.1 million. Around $1.6 million was spent on R&D in Q4 2020. In the fiscal year 2021, R&D expenses were $35.1.1 million. Around $6.4 million was spent on R&D in fiscal 2020.
    • General and administrative expenses in Q4 2021 were around $7.5 million. In the same quarter of 2020, it was around $2.2 million. General and administrative expense in fiscal 2021 was around $22.2 million. In fiscal 2020 it was around $8 million.
    • When compared to Q4 2020, Q4 2021’s loss per share was $0.07, while the loss per share in Q4 2020 was only $0.02. With a $7.0 million in-process research and development expenditure linked to lowering the carrying value of an asset previously classified as held for sale, OCGN announced a $0.30 net loss per share for the year ended December 31, 2021.

    OCGN Major Business Achievements

    FDA approved Phase 2/3 clinical trial to support a BLA filing in the United States after the FDA withdrew its clinical hold on the IND application for COVAXIN (BBV152).

    Additional neutralization data against Omicron were provided as part of FDA engagement to advance the pediatric EUA for COVAXIN, with more than 36 million vaccinated teens on record.

    The company filed detailed answers to Health Canada’s NOD on COVAXIN.

    For the treatment of hereditary retinal illnesses caused by NR2E3 and RHO disease genotypes, they started OCU400 Phase 1/2 clinical study.

    Conclusion

    Ocugen, Inc. (OCGN) is a pre-revenue company and has recently developed a covid-19 vaccine. The company is also working on researching the treatment of other diseases. The company is looking forward to the approval from NOD Canada for the approval of COVAXIN.

  • Ocugen, Inc. (OCGN) Stock Losing Momentum in Aftermarket, Here’s the Reason.

    Ocugen, Inc. (OCGN) Stock Losing Momentum in Aftermarket, Here’s the Reason.

    Ocugen, Inc. (OCGN) is a late-stage biotherapeutics company engaged in the discovery, development, and commercialization of gene therapies to treat blindness-related diseases. The company is also developing a COVID-19 vaccine ‘COVAXIN’ in collaboration. The company’s innovative product candidates offer better therapeutics to patients with wet age-related macular degeneration, diabetic macular edema, and, diabetic retinopathy.

    The price of OCGN stock during the regular trading on February 22, 2022, was $4.23 with a gain of 22.2%. At last check in the aftermarket, the stock declined by 12.06%.

    OCGN: Events and Happenings

    On February 22, 2022, OCGN updated the pricing of its underwritten public offering of 15,973,420 million common stock shares. The company expects the net proceeds from the offering of $53.5 million. The offering is expected to close on February 25, 2022. Additionally, the company has granted a 30-day option to the underwriter for the acquisition of up to 2,396,013 million added shares of its common stock.

    On February 22, 2022, OCGN reported about the commencement of an underwritten public offering of the company’s common stock. Additionally, the company expects to grant a 30-day option to acquire an additional 15% of shares of its common stock. The company intends to utilize the gross proceeds for general corporate purposes.

    On February 18, 2022, OCGN informed about hosting a fourth-quarter 2021 earnings release on February 25, 2022. On February 18, 2022, OCGN announced that FDA had lifted the clinical hold on its IND application to assess COVAXIN. On February 15, 2022, survey data from OCGN and The Harris online poll revealed a majority of Americans want more COVID-19 vaccine choices to pick from.

    On January 27, 2022, OCGN updated about signing a non-binding letter of intent with Liminal BioSciences, for the purchase of their manufacturing site in Canada. On January 12, 2022, OCGN and Bharat Biotech announced the results from a study demonstrating that the booster dose of COVAXIN neutralized the Omicron and Delta variants of SARS-CoV-2.

    OCGN: Key Financials

    On November 09, 2021, OCGN released its financial results for the third quarter ended September 30, 2021. Some of the important highlights are discussed below.

    Revenue

    No revenue was reported in Q3 2021 as in the same quarter of 2020.

    EPS

    Basic and diluted net loss per share in Q3 2021 was $10.7 million or $0.05 against $10.4 million or $0.07 in the same period of 2020. The company’s EPS increased over the yearly period. Also, the company missed the analysts’ estimates by -$0.01.

    Conclusion

    OCGN stock is 44% down the past six months due to economic downfall as a result of the pandemic. The current aftermarket fall of the stock was observed after the company announced the pricing of its public offering of common stock. Also, the company is gearing for the earnings release date and the analysts are expecting its EPS to be -$0.07.

  • Here’s why Ocugen, Inc. (OCGN) Stock Leaped Forward in Premarket Session

    Here’s why Ocugen, Inc. (OCGN) Stock Leaped Forward in Premarket Session

    Ocugen, Inc. (OCGN) is a leading innovative clinical-stage biopharmaceutical company. It is primarily focused on the discovery, development, and commercialization of treatments for multiple retinal diseases or blindness and is also under the process of vaccine development for COVID-19 patients. Some of the lead product candidates of the company include OCU400, OCU410, OCU200, and COVAXIN.

    The price of OCGN stock during the regular trading on December 30, 2021, was $4.83 with a significant increase of 10.27%. At last check in the premarket on December 31, 2021, the stock was further up by 1.04%.

    OCGN: Events and Happenings

    On December 30, 2021, OCGN reported that its collaborator Bharat Biotech reported the outcomes of clinical trials of COVID vaccine COVAXIN. The study was executed on children of 2 – 18 years age. The outcomes represented a vigorous counterbalancing antibody response and a promising safe profile on the pre-print server medRXiv. The vaccine was administered in two doses 28-days apart from each other. The outcomes depicted more than a 93% drop in severe conditions. The company had already submitted its application for the status of Emergency Use Authorization on November 5.

    OCGN: CEO Comments

    On this auspicious occasion, Shankar Musunuri, CEO of OCGN said that the above-mentioned data is the first positive vaccine data in children. He further added that the outcomes represented that the vaccine administered in two-doses delivered a robust immune response in children.

    On December 20, 2021, OCGN reported that the compensation committee of BoD approved to acquire a sum of 6,750 shares. The shares belong to its common stock and restricted stock units and cover a sum of 1,150 shares of common stock. The stock options and RSUs were granted as of December 16, in accordance with Nasdaq Listing Rule 5635(c)(4).

    On December 15, 2021, OCGN reported that data studying immune response was published on the preprint server medRvix. The data was taken after two doses of COVAXIN, from a third-party trial. The study confirmed that the vaccine showed a sharp immune memory versus the spike and nucleoproteins of the virus.

    OCGN: Key Financials

    On November 9, 2021, OCGN reported third-quarter 2021 financial results that ended September 30, 2021. Some of the key updates are mentioned below

    Net Loss per Share

    Basic and diluted net loss per share was reported to be $10.7 million or $0.05 per share for Q3 2021 as compared to $10.4 million or $0.07 per share for the same period the prior year.

    Assets

    The total assets of the company reported for Q3 2021 were $113 million as compared to the same period of 2020 when the assets were $19 million.

    Conclusion

    OCGN reported a 23% decline in the stock price as compared to the past month. The current market conditions are favoring the company’s stock as the price of the stock surged in the premarket. The incline was basically the outcome of positive results of the vaccine data in children. The analysts are expecting the company’s stock to skyrocket further in the coming days as a result of this announcement.

  • Ocugen Inc. (OCGN) stock Soars Higher in the After Hours. Reasons?

    Ocugen Inc. (OCGN) stock gained a further 16.03% in the after-hours at $6.08 on December 17. The stock seems to continue gaining on its Covid-19 vaccines candidate’s positive data after a small profit booking event.

    In the previous trading session, the stock gained 4.38% at $5.24 with 21.1 million shares exchanging. The gain multiplied in the after-hours as the stock reached $6.08 at a volume of 8.27 million shares.

    Currently, the 199.19 million outstanding shares of OCGN trade at a market capitalization of $1.04 billion.

    What is Happening?

    On December 15, positive new data from the company’s Covid-19 vaccine candidate COVAXINTM was shared. Following the announcement, the OCGN stock became bullish and started gaining big. After gaining a good deal on December 15, the stock suffered some loss the next day, due to profit booking. Currently, the stock seems to be back on the bullish path, continuing to gain on the previous news.

    In the past five sessions, the stock has lost 2.06%, while losing 32.12% last month. Moreover, OCGN has suffered a decrease of 33.92% in the past three months, while it gained 186.34% year to date. In addition, the one-year gain of the stock stands at a whopping 1,685.35%.

    OCGN’s COVAXINTM Data

    As per the data published by a third party, OCGN’s study of COVAXIN resulted in a robust and positive response. The vaccine developed active immune memory against spike and nucleoprotein, as compared to natural Covid-19 infection. The adaptive immune system generates long-term protection against a virus by creating memory B and T cells. Moreover, it also controls the infection.

    During the study, the immune memory response of 71 vaccinated subjects was compared to that of 73 naturally infected subjects.

    According to the data, in almost 85% of subjects, COVAXIN created T-cells against spike and nucleocapsid proteins. This persisted for a minimum of six months, hence supporting COVAXIN’s ability to induce long-term memory.

    Currently, OCGN is conducting COVAXIN’s study to check its efficacy against the omicron variant. Moreover, the company will share the data as soon as possible.

    Financials of the Company

    On November 09, OCGN announced the financial results of the third quarter of 2021. In the third quarter of 2021, the net loss was $0.05 per share, against $0.07 in the year-ago quarter.

    Moreover, OCGN ended the quarter with cash, cash equivalents, and restricted cash of $107.5 million.

  • Why Is Ocugen (OCGN) Stock Increasing Today?

    The shares of Ocugen Inc. (OCGN) are up 3.58% to $6.67 in early trading this morning. The Ocugen stock was down by -4.17% to $6.44 at the end of the last trading session. There were 13.28 million shares traded in OCGN stock yesterday. That was below the volume of 44.31 million shares in a daily average for the past 50 days.

    OCGN stock has declined 10.06 percent in the last five days; however, it has gained 5.06% over the past month. Over the last three months, the stock price of OCGN has shed -6.67% and is up 251.91% so far this year. In response to a submission to the Canadian health authority, OCGN stock is rising.

    What OCGN has been submitting?

    As a biopharmaceutical company, Ocugen aims to discover, develop, and commercialize gene therapies for blindness diseases and to develop a vaccine against COVID-19. OCGN’s breakthrough platform for gene therapy, which treats multiple retinal diseases with one drug, has the potential to treat multiple diseases with the same drug.

    With OCGN’s novel biologic product candidate, patients with diseases like wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy will be able to receive better treatment options. Bharat Biotech’s COVAXIN, a vaccine candidate for COVID-19, is being co-developed by OCGN in the United States and Canada.

    A rolling submission for COVAXIN has been made to Health Canada by Ocugen, announced the company in a press release today. Following the publication of results from Bharat Biotech’s Phase 3 clinical trial, which showed efficacy and safety in nearly 25,800 adults, OCGN intends to make this move.

    The Minister of Health recommended and accepted the rolling submission process relating to the importation, sale and advertising of drugs for use with COVID-19 and transitioned to the New Drug Submission for COVID-19, which will allow companies to submit safety and efficacy information as it becomes available. Often referred to as rolling reviews, this allows Health Canada to begin its review immediately as new information becomes available, allowing the overall review process to move faster.

    How OCGN will proceed?

    In the rolling submission, Ocugen (OCGN) is represented by its affiliate, Vaccigen, Ltd. OCGN must submit evidence that supports the safety, effectiveness, and quality of their product to Health Canada for review. OCGN will work with Health Canada to bring another safe and effective option for the fight against COVID-19 and its Delta variant, and will be supporting Health Canada for their upcoming review of COVAXIN.

  • Here is why Ocugen Inc. (OCGN) stock turnaround in the after-hours on Friday?

    Ocugen Inc. (OCGN) shares gained 13.85% in after-hours on Friday, July 2, 2021, and closed at $8.30 per share. Earlier in the morning session on Friday, OCGN’s stock lost 6.90% to close Friday’s session at $7.29. OCGN shares have risen 3195.66% over the last 12 months, and they have moved down 12.69% in the past week. Over the past three months, the stock has gained 10.96%, while over the past six months, it has shed 298.36%.

    Let’s have a look at its recent developments.

    Positive results from phase 3 study of COVAXIN

    On July 02, 2021, Ocugen, Inc, co-development partner, Bharat Biotech, shared positive results of its Phase 3 study of COVAXIN. COVAXIN™ demonstrated a vaccine efficacy in mild, moderate, and severe COVID-19 disease of 77.8% with efficacy against severe COVID-19 disease alone of 93.4%.

    In phase 3 clinical trial, 25,798 participants across 25 sites and between 18-98 years of age in India were enrolled, including 2,750 over the age of 60 and 7,065 with comorbidities.

    Subjects vaccinated with COVAXIN™ in the phase 3 trial, achieved greater protection against emerging B.1.617.2 (delta) and B.1.351 (beta) variants than those who had previous natural infections. The phase 3 results showed an efficacy rate of 65.2% (95% CI; 33.1-83.0).

    New appointment

    On June 21, 2021, Ocugen, Inc appointed Ken Inchausti as Head, Investor Relations & Communications. Mr Inchausti will oversee the company’s investor relations activities, corporate communications and strategic positioning, leading issues management strategy and proactive media and social media relations programming.

    Inducement grants

    On June 18, 2021, the Board of Directors of Ocugen approved the grant of stock options to purchase an aggregate of 157,450 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 26,300 shares of common stock to four new employees.

    Coronavirus Vaccine Manufacturer in the US

    On June 15, 2021, Ocugen, Inc selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner for COVAXIN™ to prepare for potential commercial manufacturing of COVAXIN™ for the US and Canadian markets.

    Ocugen aimed for full U.S. approval of COVAXIN

    On June 10, 2021, Ocugen Inc said that the company is no longer pursue an emergency use authorization for its COVID-19 vaccine candidate and would instead aim to file for a full U.S. approval of the shot.

    The decision is based on FDA asked for more information and data for full approval.

    Conclusion

    The recent phase 3 trial results of COVAXIN showed positive results against deadly variants which was the reason behind its surge in the after-hours on Friday. the OCGN stock can continue its surge on Tuesday, after the long weekend.

     

  • Ocugen, Inc. (OCGN) stock falls in Pre-Market today: Why is it so?

    Ocugen, Inc. (OCGN) stock falls in Pre-Market today: Why is it so?

    Shares of Ocugen, Inc. (OCGN) stock were down in the per market trading session today after recording the gain of 6.69% with an $11.96 per share price. OCGN stock price went down by 3.60% to drop at $11.53 a share at the time of this writing. There is no particular activity by the Ocugen today however OCGN stock on April 28, 2021, announced the closing of a previously announced registered direct offering of common stock. Let’s explore more about OCGN stock.

    What’s happening?

    There is no specific reason behind the declining stock price of the OCGN stock today. No signs of analysts’ downgrade or shrank targeted per share price of the OCGN stock have been in the recent news. The most recent activity by the Ocugen stock is that it announced the closing of the previously announced registered direct offering of its common stock. OCGN stock offered 10 million shares of its common stock to healthcare-focused institutional investors at a purchase price of $10 per share. The gross proceeds resulting from this offering were roughly $100 million without the deduction of placement agent’s fees and other offering-related expenses which Ocugen has to pay.

    Net proceeds resulted from this offering would be used for general corporate purposes and capital expenditures by the OCGN stock. Moreover, part of the proceeds will also be used in the working capital as well as general and administrative expenses by the Ocugen stock.

    COVID-19 Vaccine Development:

    About a week ago, OCGN’s partner Bharat Biotech announced positive data for the second interim analysis of the phase 3 study of Covaxin. According to the data, Covaxin showed 100% efficacy against severe COVID-19 disease, and efficacy of 78% was shown by Covaxin candidate against mild, moderate, and severe COVID-19 disease. After getting encouraging results from the phase 3 study, Ocugen stock is hoping to win the EUA for Covaxin. Currently, Covaxin has been playing a major role in the fight against deadly pandemic in India.

    Conclusion:

    OCGN stock is gloomy so far in the stock market but it showed considerable overall growth in recent times.The positive results of the phase 3 study of Covaxin are the main reason behind this growth but still OCGN stock is lagging in the race of COVID-19 vaccine development as companies like Pfizer, Moderna, and Johnson& Johnson have already contracted the U.S government for the supply of millions of vaccine doses.

  • Ocugen Inc. (OCGN) stock has surged in the premarket trading session. Here’s why

    Ocugen Inc. (OCGN) stock has surged in the premarket trading session. Here’s why

    In the premarket trading session, Ocugen Inc. (OCGN) stock soared by 20.56% to trade at $11.61at the time of writing. OCGN closed Friday’s session at $9.63 with a 3.66% gain. The OCGN stock volume traded 504.64 million shares today. The average volume of trade for the past 3 months has been 69.44 million. In the past year up to date period, OCGN stock surged by 2891.61% while rallying by 66.61% for the past 5 consecutive days. In the last three months, OCGN shares added 341.74%, and further added 2957.14%. In the last six months. Ocugen Inc. is currently valued in the market at $1.75 billion and has 188.09 million outstanding shares.

    Ocugen’s retinal therapy product offering

    Ocugen Inc. is a biopharmaceutical company that is focused on designing, developing, and commercializing of innovative therapies that aim to target the unmet needs of patients with diseases.  The transformative therapies that the company designs are gene therapies that specifically developed for targeting blindness diseases and restoration of sight. Ocugen Inc. uses proprietary modifier gene therapy platform which has become a breakthrough in treating multiple retinal diseases with one drug. Furthermore, OCGN stock has novel therapies for the treatment of age-related macular degeneration (AMD), diabetic retinopathy, and diabetic macular edema.

    Announcing a definitive agreement for a $100 million direct offering

    On 24th April 2021, Ocugen Inc. announced that it entered into an agreement with healthcare-focused institutional investors. This definitive agreement was made for the sale of $100 million registered shares of OCGN’s common stock in a direct offering at a price per share of $10. The deal is expected to take place around 27th April 2021, if everything happens according to customary closing conditions and satisfaction.

    These healthcare-focused institutional investors’ offering were placed through the exclusive placement agent firm known as H.C. Wainwright & Co. The purpose of the offering and the deal is for OCGN stock to use the net proceed for general business activity and corporate purposes.

    Bharat Biotech achieves positive second interim data for its COVAXIN, COVID-19 vaccine study

    On 22nd April 2021, announced that Bharat Biotech (co-development partner) has achieved success in a late-stage study of COVAXIN. COVAXIN is a vaccine in development for COVID-19 and the positive data of the study made the shares of the OCGN stock go up the charts.

    The study of COVAXIN was in its phase III and the second interim analysis demonstrated a positive result of 78% efficacy for COVID-19 in mild, moderate-severe COVID-19 symptoms and variants while the study also claims that in the severe cases of COVID-19, COVAXIN showed 100% efficacy. The study also had a subgroup of participants for the RT-PCR test and found that the efficacy against asymptomatic COVID-19 infection was 70%.

    OCGN stock’s future plans of commercializing

    The company has planned an agreement its co-development partner Bharat Biotech to distribute and commercialize COVAXIN in the U.S market which includes the technology transfer of manufacturing and share in the profits of US market sales- Ocugen will retain 45% of the profit. Furthermore, Bharat Biotech is waiting for the Emergency Use Authorization which will allow it to supply a certain amount of minimum number of COVAXIN doses.

  • Ocugen (OCGN) Stock Price Increased by 270% On A Year To Date Basis. Here’s What Happened

    Ocugen (OCGN) Stock Price Increased by 270% On A Year To Date Basis. Here’s What Happened

    Ocugen (OCGN) stock is a relatively new biotechnology company specializing in diverse and lucrative fields such as gene therapy and Covid 19 vaccines. In February, OCGN made a contractual agreement with Bharat Biotech to produce the Covaxin Covid-19 vaccine, which showed minimal side effects and had an 81% efficacy rate in phase 3 clinical trial in India soaring OCGN Stock price by 270%. Ocugen agreement stipulates that it will commercialize the vaccine in the U.S, targeting a huge demographic and capturing a staggering 45% of the profits from its sale.

    The vaccine produced by OCGN is an inactivated vaccine. Primarily, an inactivated or dead form of the SARS-CoV-2 virus is inserted into the human bloodstream. Afterwards antibody production is started by the immune system and the body ‘Learns’ the defense mechanism. Hence if an infection occur, the immune system can respond swiftly and efficiently.

    Now What

    Financially, the company consists of over $24 million in capital and has approximately $2.1 million in debt. In 2020, its net losses were $21.8 million, however new OCGN stock can be issued to generate capital and new income from vaccines could further help Ocugen to diversify its pipeline.

    Furthermore, Pfizer, Moderna, and AstraZeneca have already started mass production of their vaccines, hence OCGN can have a hard time grabbing a significant share in the saturated market. However, Bharat Biotech claims that Covaxin demonstrates “significant immunogenicity against the rapidly emerging variants.” giving OCGN product line distinctive competency over other vaccines which can produce a potentially huge financial surplus.

    Conclusion

    OCGN has invested in a very lucrative market of vaccines especially amongst the time of a pandemic. A strategic relationship with Bharat Biotech combined with an 81% efficacy rate of the vaccine has peaked investor interest with speculations of high capital gains in the near future.

  • Why Ocugen, Inc. (OCGN) looks set to accumulate more gains?

    Why Ocugen, Inc. (OCGN) looks set to accumulate more gains?

    Ocugen, Inc. (OCGN) was up another 60% in aftermarket trading on Friday after the company announced it had signed definitive agreements for the sale of an aggregate of 3,000,000 shares of common stock to healthcare-focused institutional investors. The shares were offered in a registered direct offering at $7.65 per share. The offering will close on or about February 10, 2021, pending the satisfaction of the usual closing conditions. The exclusive placement agent for the issuer is H.C. Wainwright & Co.

    Before deducting placement agent’s fees and other offering expenses Ocugen will receive approximately $23 million in gross proceeds. Ocugen intends to use its net proceeds from the offering to fund working capital, capital expenditures, and its general and administrative expenses.

    OCGN is already up 200% over week

    The stock skyrocketed around 200% last week after the biopharmaceutical firm struck a deal to develop a promising coronavirus vaccine candidate to be used in the United States. The deal prompted Roth Capital analyst ZegbehJallah to raise the firm’s price target on Ocugen from $1 to $8. Based on the research note, Jallah explains that the terms of the deal are favorable, including no upfront payment so that the company can start off with a positive cash flow.

    What Was Behind The Happy Weekend

    On Friday, Ocugen shares rose 61.5%, following another upbeat analyst note.

    SwayampakulaRamakanth of H.C. Wainwright increased his rating for Ocugen’s stock to buy from neutral on Thursday and forecasted a $4.50 target price for the stock. Ramakanth supported the recent deal between Ocugen and India’s Bharat Biotech, which could potentially deliver Covaxin, a candidate vaccine for COVID-19, to the U.S. market.

    Ramakanth suggests Covaxin could induce a greater level of immunity and better protection against new strains of coronavirus than the COVID-19 vaccine that has been given an emergency use authorization in the U.S. He also emphasized the logistical advantages of covaxin’s less onerous storage requirements, thereby enhancing its competitive edge.