For investors seeking the next potential runner in the biopharmaceutical space, I’d like you to take a close look at Ocugen (NASDAQ:OCGN). This company has more than one iron in the fire, so to speak, and this suggests the potential for strong upside in OCGN stock.
What do I mean by “more than one iron in the fire”? By that, I’m pointing to Ocugen’s focus being distributed among multiple therapeutic treatments in completely different categories.
But don’t get me wrong — Ocugen isn’t a dabbler. The company is aggressively pursuing its programs, with regulatory approval and commercialization among the primary goals.
Sure, there’s risk involved with biopharmaceutical stocks, but Ocugen’s recent business update should provide encouragement to the stakeholders — and perhaps, some rocket fuel for OCGN stock.
OCGN Stock at a Glance
Is it a good thing or a bad thing that the price of Ocugen’s stock is significantly lower than its peak price?
If you’re a bargain hunter and you believe in the company, then it’s more of an opportunity than a problem.
Let’s rewind the clock so you can get a more complete picture here. In early February, Ocugen shares rallied from less than $2 to a 52-week high of $18.77.
I generally don’t recommend that investors buy assets after they’ve made a vertical move. OCGN stock provides a textbook example of this, as it fell from its peak price to the $7 area, where it was trading on April 9.
So if you’ve been sitting on the sidelines, today you may have a chance to start a moderately sized position in Ocugen shares. Just please don’t go overboard, as biopharmaceutical stocks can often be subject to price volatility.
For quite a while, Ocugen primarily specialized in rare conditions that cause blindness. But of course, the onset of the novel coronavirus provided the company with a reason to expand its product offerings.
And so, Ocugen has been working diligently to advance the development of Covid-19 vaccine candidate Covaxin with partner Bharat Biotech.
Bharat is an excellent company for Ocugen to collaborate with, as Bharat has 140 global patents as well as a product portfolio that includes more than 16 vaccines.
Moreover, Bharat has been granted permission from India’s Central Licensing Authority to sell and distribute Covaxin for restricted use in emergency situations.
On top of that, Bharat Chairman and Managing Director Krishna Ella seems to be preparing for American market penetration with Covaxin. “I am confident we will be able to work with Ocugen to develop a plan to bring Covaxin to the U.S market,” Ella stated.
In addition, there’s positive news concerning the advancement of Covaxin. Specifically, Bharat Biotech revealed that the Phase 3 results for Covaxin indicate an interim clinical efficacy rate of 80.6%.
Keep Your Eye on OCU400
Ocugen CEO Shankar Musunuri added his own encouraging commentary regarding the Phase 3 trial for Covaxin. The results “in part suggest significant immunogenicity against the rapidly emerging UK variant,” Musunuri said.
Yet, let’s not only focus on Ocugen and Bharat’s Covid-19 vaccine candidate. Ocugen is also working hard to develop OCU400 for retinal disorders.
We must not understate the importance of treating these conditions. As Ocugen reports, the prevalence of retinitis pigmentosa in Europe is estimated at around 165,000 patients.
Moreover, the prevalence of Leber Congenital amaurosis in Europe is estimated at close to 40,000 patients. With OCU400, Ocugen aims to treat both of these eye conditions.
I’m glad to report that the European Commission has granted orphan medicinal product designation for OCU400 for the treatment of both retinitis pigmentosa and Leber Congenital amaurosis.
Tragically, these conditions are chronically debilitating and characterized by severe impairment in visual functions. We can all hope that Ocugen will soon achieve more milestones in advancing OCU400.
Is OCGN stock a Covid-19 vaccine play? Or is it a bet on a promising eye-disease treatment?
Actually, it’s both. As such, the stock deserves to trade at a higher price and might be due for an imminent breakout.
On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.
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