UPDATE: Roth Capital Downgrades Ocugen, Inc. (OCGN) to Neutral Citing BLA for COVAXIN Timeline
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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."
Shares of Ocugen, Inc. closed at $9.31 yesterday.
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