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.
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.
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.