Ocugen Stock Is a Winner, But How Much Higher Can It Go?
This year has actually been a rough trip for Ocugen (OCGN) financiers, yet rewarding for those who had the ability to swallow the volatility. While shares have actually nearly folded the previous month, the year-to-date efficiency reveals a 664% share haul.
Ocugen’s success has actually been based upon its relatively unlikely change from a business concentrated on eye illness to one chasing after the chances provided by Covid-19; the biotech holds the United States rights for Covaxin, a Covid-19 vaccine prospect established by India-based Bharat Biotech.
Recently financiers have actually been cheering on the most recent advancement in Ocugen’s effort to bring the vaccine to market in the United States. Recently, the business revealed it has actually sent an IND to start a Stage 3 research study screening Covaxin. The trial will include unvaccinated clients and those immunized a minimum of 6 months ahead of time to discover whether immune reactions in United States clients represent with those showed in the Stage 3 research study carried out in India. The business intends to bring the research study to conclusion at some point in 1H22.
“If successful,” stated Noble expert Robert LeBoyer, “We expect the data to be submitted for marketing approval. We see the filing of the IND as a positive step toward Covaxin approval.”
Unlike existing authorized Covid-19 vaccines which utilize more recent messenger RNA innovations or stem cell innovations, Covaxin is a whole-virion suspended COVID-19 vaccine based upon a standard technique. As such, LeBoyer believes this must “address concerns that have led to avoidance of the current vaccines.”
The expert likewise thinks there is still space for another vaccine to make its mark in the existing environment as the requirements for approval have actually moved far from emergency situation usage approvals towards more basic vaccination requirements. “We see this as a positive that should maintain high-standards of safety for large-scale vaccination of healthy people.” the 5-star expert went on to say.
Accordingly, LeBoyer reiterated an Outperform (i.e. Buy) rating on OCGN, backed by a $15 price target. Following the recent gains there’s upside of 7% from existing levels. (To watch LeBoyer’s track record, click here)
Turning now to the rest of the Street, opinions are split evenly down the middle. 2 Buys and 2 Holds assigned in the last three months add up to a Moderate Buy expert consensus. However, the $8.75 average rate target implies ~37% downside from existing levels. (See OCGN stock analysis on TipRanks)
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Disclaimer: The viewpoints expressed in this article are solely those of the featured expert. The material is meant to be utilized for informative functions just. It is really essential to do your own analysis prior to making any financial investment.
Jobber Wiki author Frank Long contributed to this report.