Ocugen, Inc. (OCGN), a clinical-stage biopharmaceutical company, has declined 6.13% during the aftermarket trading session and consequently, was trading at $11.95 at the time of the writing. On Wednesday, OCGN closed the day at $12.73 after plunging 18.76% during regular trading hours. The decline has come after WHO granted EUL for Bharat Biotech and Ocugen Covaxin COVID-19 vaccine. As a result, instead of becoming a bullish catalyst for OCGN, the news caused investors to sell their stock as the company’s valuation had already posted huge gains before the announcement. Let’s discuss some recent developments related to OCGN stock.
OCGN Submitted IND to FDA
On 27th October, OCGN announced that it had submitted an Investigational New Drug application (IND) with the U.S. Food and Drug Administration (FDA) to evaluate the COVID-19 vaccine candidate, BBV152, also called COVAXIN™. COVAXIN™ is a whole-virion inactivated COVID-19 investigational vaccine candidate. It uses the same Vero cell manufacturing platform that had been used for the production of the polio vaccine. The phase-3 trial proposed in the IND is designed in such a way that it has to establish whether the immune response experienced by participants in a completed phase-3 in India matches that observed in the US.
Q2 2021 Financial Results
On 6th August, OCGN reported the financial results for the second quarter of the fiscal year 2021. The quarter ended on 30th June 2021. The company had cash and cash equivalents of $115.64 million on 30th June. The total operating expenses bore by the company during the period were $25.61 million against $3.4 million for the same period of 2020. The company suffered a net loss of $25.95 million during the quarter against the net loss of $3.61 million for the same period of 2020. The net loss per basic and diluted share for the period was $0.13 against the net loss of $0.19 per basic and diluted share for the same period of 2020.
Dr. Shankar Musunuri, Chairman, Chief Executive Officer, and Co-Founder of OCGN, while commenting on the results said that the quarter is an epitome of the importance of the life sciences sector during the crucial times of pandemic. He said that he is pleased with the growth and efforts of the company and hoped that the trend would continue in the future as well.
During last month, OCGN has surged more than 80% on the back of developments associated with its COVID-19 vaccine candidate. Analysts are hopeful that the approval of IND could open new doors for the success of Ocugen. So, potential investors should keep a close eye on fluctuations associated with OCGN stock in the future.