In the global battle against the Covid-19 pandemic, there are more famous names in the pharmaceutical sphere than Ocugen (NASDAQ:OCGN). However, this doesn’t mean that investors should simply dismiss OCGN stock.

It might be tempting to focus on the few companies that are currently able to manufacture Covid-19 vaccines for use in the U.S. You can be a more sophisticated investor, though, simply by expanding your horizons.

For instance, what could happen to a low-priced pharmaceutical stock if the company’s Covid-19 vaccine is approved abroad? Just a single catalyst could get the share price jumping — and you’d want to own the shares before this happens.

In the case of Ocugen, the company is partnered with an ambitious India-based vaccine manufacturer. This could lead to acceptance of a clinically tested Covid-19 vaccine in multiple world regions — and powerful profits for the early stakeholders.

OCGN Stock at a Glance

There’s no denying it: when OCGN stock pops, it really moves fast and far.

Two share-price rallies to $15 occurred earlier this year: one in February, and another in May. In both instances, the stock more than doubled in just a few days.

It’s possible that Reddit traders contributed to one or both of those rallies in OCGN stock. If so, then they might stage another epic short squeeze.

On the other hand, the stock just went sideways from June through September, clinging to the $7 level. It just feels like the market’s waiting for some event to happen before buying or selling the shares.

Tight, range-bound price action isn’t necessarily a bad thing. There’s an old saying in the stock market: the longer the base, the higher in space.

So just maybe, OCGN stock is basing for a powerful rally sometime soon.

A Promising Vaccine

To give you a quick review, Ocugen’s Covid-19 vaccine candidate is known as Covaxin. The company is developing this drug with a partner called Bharat Biotech, which is based in India.

The Phase 3 clinical trial results for Covaxin are highly promising, to say the least:

• 77.8% efficacy against overall Covid-19
• 93.4% efficacy against severe Covid-19
• 63.6% efficacy against asymptomatic Covid-19
• 65.2% efficacy against the delta Covid-19 variant
• Less than 0.5% of subjects experienced serious adverse side effects

Of course, OCGN stockholders would be very glad to see Covaxin approved and marketed in the U.S.

To that end, discussions between Ocugen/Bharat and the U.S. Food and Drug Administration (FDA) are ongoing.

Moreover, Ocugen intends to work with the FDA towards filing a Biologics License Application (BLA) in the U.S., while also engaging with Health Canada to seek authorization under an Interim Order for use in Canada.

Plus, we can assert that Ocugen is well-capitalized to pursue these objectives.

As of June 30, 2021, Ocugen had cash, cash equivalents and restricted cash totaling $115.8 million — a huge improvement over the $24.2 million held at the end of 2020.

A Delay, but Not a Rejection

These are encouraging data points, but there’s another development in progress which could take OCGN stock to the next level.

Reportedly, Covaxin may soon receive an Emergency Use Listing (EUL) by the World Health Organisation (WHO).

“We hope that Covaxin production will be ramped up in the coming weeks… Hopefully, the vaccine should be given international recognition so that people travelling abroad have less difficulty,” said, N. K. Arora, chairperson of India’s Covid-19 Working Group.

That update was provided on Sept. 13. Fast-forward to Sept. 28, and we can observe an update stating that the WHO “has asked for more data from Bharat Biotech for its COVID19 vaccine Covaxin.”

This is really just a delay, not to be construed as a rejection.

Bharat Biotech responded by assuring, “We are continuing to work diligently on obtaining WHO EUL at the earliest.”

Additionally, Bharat Biotech clarified, “All Data was submitted for Emergency Use Listing (EUL) Application to World Health Organization in early July. We have responded to any clarifications sought by #WHO and are awaiting further feedback.”

The Takeaway on OCGN Stock

Remember, getting this level of approval isn’t going to be a simple or quick process.

Rigor is necessary, and if everything goes as planned, a potentially life-saving vaccine could be available to the public in the near future.

And, as a fortunate by-product, Ocugen’s shareholders may finally get the rally they’ve been waiting for.

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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