Ocugen Stock Is a Winner, But How Much Higher Can It Go?

This year has been a bumpy ride for Ocugen (OCGN) investors, yet rewarding for those who were able to stomach the volatility. While shares have almost doubled over the past month, the year-to-date performance shows a 664% share haul.

Ocugen’s success has been based on its seemingly improbable transformation from a company focused on eye diseases to one chasing the opportunities presented by Covid-19; the biotech holds the US rights for Covaxin, a Covid-19 vaccine candidate developed by India-based Bharat Biotech.

Lately investors have been cheering on the latest development in Ocugen’s attempt to bring the vaccine to market in the US. Last week, the company announced it has submitted an IND to begin a Phase 3 study testing Covaxin. The trial will involve unvaccinated patients and those vaccinated at least six months beforehand to find out whether immune responses in US patients correspond to with those exhibited in the Phase 3 study conducted in India. The company hopes to bring the study to completion sometime in 1H22.

“If successful,” said Noble analyst 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 current approved Covid-19 vaccines which use newer messenger RNA technologies or stem cell technologies, Covaxin is a whole-virion inactivated COVID-19 vaccine based on a traditional approach. As such, LeBoyer thinks this should “address concerns that have led to avoidance of the current vaccines.”

The analyst also believes there is still room for another vaccine to make its mark in the current environment as the requirements for approval have shifted away from emergency use approvals toward more standard 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 analyst 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 current levels. (To watch LeBoyer’s track record, click here)

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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 analyst consensus. However, the $8.75 average price target implies ~37% downside from current levels. (See OCGN stock analysis on TipRanks)

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Disclaimer: The opinions expressed in this article are solely those of the featured analyst. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.

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