UPDATE: Roth Capital Downgrades Ocugen, Inc. (OCGN) to Neutral Citing BLA for COVAXIN Timeline

June 10, 2021 4:55 PM EDT
Get Alerts OCGN Hot Sheet
Price: $2.56 -4.12%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 9 | Down: 23 | New: 34
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(Updated - June 11, 2021 4:13 AM EDT)

Roth Capital analyst Zegbeh Jallah downgraded Ocugen, Inc. (NASDAQ: OCGN) from Buy to Neutral with a price target of $6.00 (from $10.00).

The analyst comments "Earlier, Ocugen announced that based on the FDA's feedback on its Master File. Ocugen has decided to pursue a BLA rather than an EUA for COVAXIN. We wrongly expected the FDA to review the EUA application, so this news is disappointing. With the expectation that additional clinical trials will be required, the resulting timeline shift drives our lowering the rating to Neutral and PT to $6 from $10. The planned 4Q21 IND filing for OCU400, however, offers diversification as we take a longer-term look at the stock."

For an analyst ratings summary and ratings history on Ocugen, Inc. click here. For more ratings news on Ocugen, Inc. click here.

Shares of Ocugen, Inc. closed at $9.31 yesterday.

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