Shares of the Ocugen, Inc. (OCGN) stock were rising in the premarket today on October 5, 2021. OCGN stock price saw a push of 5.93% to reach $7.15 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 3.30% at closing. Let’s discuss more about OCGN stock and understand the reason behind this bull.
Ocugen, Inc is the clinical-stage biopharmaceutical stock that develops gene therapies in order to treat blindness diseases. Its product pipeline includes OCU400 for restoring retinal integrity and OCU410 for dry age-related macular degeneration. It is also working with Bharat Biotech in the fight against Covid-19.
What’s Happening?
There is no specific news, announcement, or press release by the OCGN stock today to support the bullish sentiment. It seems that this stock is getting hype due to discussions between investors on social media platforms like Reddit , StockTwits and Twitter etc. Investors are anticipating that Covaxin, a Covid-19 vaccine that OCGN stock is commercializing with Bharat Biotech in the U.S, will likely get approval from World Health Organization this month.
Ocugen along with Bharat Biotech announced fairly strong safety and efficacy of Covaxin in July. Due to the high ratio of Covid-19 in India, about 45 million doses of Covaxin have been administered there via Emergency Use Authorization. Both Ocugen and Bharat Biotech are working together to get approvals for Covaxin in Canada and United States.
OCGN stock announced Inducement Grants Under Nasdaq Listing Rule 5635(c)(4):
On September 18, 2021, OCGN stock announced that the compensation committee of its board members approved the grant of stock option. Ocugen granted its seven employees to buy 137,250 shares of common stock and restricted stock units that cover 23000 shares of common stock. The exercise price under the stock options is $7.54 per share and has ten years term value.
Is OCGN stock has the Potential to Outperform in the Future?
Though many big players are developing Covid-19 vaccines that have proved to be very effective so far. But still, Covid-19 is the major health concern as it is continuously changing its shape as we have seen many variants of it. Delta variant is the new example that is more deadly than the others. So OCGN stock may not compete with the giant Covid-19 vaccine developers, but it has the potential to generate high sales revenue in the upcoming years. Wall Street has estimated that this stock will generate approximately $260 million per year through Covaxin sales by 2025.
