Chardan Capital Markets Downgrades Ocugen, Inc. (OCGN) to Neutral Following Run-Up
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Chardan Capital Markets analyst Keay Nakae downgraded Ocugen, Inc. (NASDAQ: OCGN) from Buy to Neutral with a price target of $13.00.
The analyst commented, "The stock has increased from $0.29 to $15.81 since announcing on 22 December 2020 its intention to co-develop Bharat Biotech’s Covid-19 vaccine candidate, COVAXIN, for the U.S. market. Under the agreement, Ocugen will have U.S. rights to the vaccine candidate and will be responsible for obtaining FDA Emergency Use Authorization (EUA) for COVAXIN. What this will require is uncertain at this point, including the possibility of an additional U.S. based study, but will certainly be highly dependent on the results from the ongoing phase III study in India. Topline data from this study is expected in March 2021. Ocugen will also be responsible for establishing manufacturing of the vaccine in the U.S. and for all this will be entitled to 45% of the profits from U.S. sales."
Shares of Ocugen, Inc. closed at $13.99 yesterday.
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