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Here’s why the Stock of Ocugen, Inc., (OCGN) is steadily declining today

Ocugen, Inc., (OCGN) is a clinical stage biopharmaceutical firm with expertise in discovery, development and commercialization of gene therapies to cure blindness. The company is also developing a vaccine against COVID-19 disease known as COVAXIN in collaboration with another biotechnology company. Some of the most important products in pipeline include OCU400, OCU410, OCU200 which can be used for multiple purpose retinal diseases.

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The stock price of OCGN ended the regular trading hours of December 10, 2021 with a decline of 5.31% was $5.35, while at the time of last check, the regular trading session of December 13, 2021, the stock price slightly decreased (1.68%) to $5.26.

Events and Happenings

On December 09, 2021 Ocugen, Inc., announced that the U.S. Food and Drug Administration (FDA) has accepted the company’s Investigational New Drug application (IND) to initiate a first-in-human clinical trial of OCU400. Retinitis pigmentosa is a disease resulting from genetic mutations found in NR2E3 and Rhodopsin, and OCU400 is a modifier gene therapy candidate for the treatment of this disease. Ocugen’s modifier gene therapy platform aims to target multiple retinal diseases with a single product.

On November 26, 2021, OCGN announced that the FDA has issued a clinical hold on the Company’s IND to assess the COVID-19 vaccine candidate COVAXIN™ outside the United States. The FDA will recognize the specific deficits that are the basis for clinical hold and information on how to counter the deficiencies.

On November 18, 2021 OCGN announced the Compensation Committee of the Board of Directors of the company agreed upon the grant of stock options to buy a cumulative of 93,000 shares of its common stock and restricted stock units (RSUs) covering a total of 15,600 shares of common stock to six hired employees.

Key Financials

On November 9, 2021, OCGN reported the Quarterly results for the third fiscal quarter for 2021 ended on September 30, 2021. Some of the key updates are mentioned below

Net Loss per Share

Ocugen reported a $0.05 net loss basic and diluted per share for Q3 2021 compared to a $0.07 net loss basic and diluted per share for the same quarter of 2020.

Assets

The total assets of the company reported for Q3 2020 were $20.5 million while for the same period of 2021, the total assets reported were $116 million.

Conclusion

Although the stock price of OCGN showed variability in the trend, mainly due to the reason of the clinical hold put on by the FDA, yet the investors are quite optimistic about the future of the stock in terms of its various other projects.

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