Shares of Ocugen, Inc. (OCGN) stock were popping high today on May 7, 2021, ahead of today’s earnings report.OCGN stock price saw a surge of 7.83% to reach $10.33 a share at the time of this writing. OCGN stock was down for the past three days and dropped 12.19% at the previous closing. Let’s discuss more Ocugen stock.
Ocugen, Inc is a clinical-stage biopharmaceutical company working on the development of gene therapies in order to cure diseases related to blindness. Investors are eyeing OCGN stock as it will announce its earnings report today. OCGN per share price touch a six-month high on Monday but then it went down for the next three days before today’s rally.
Previous data shows that the performance of Ocugen stock is not so much satisfactory as its earnings surprise history disappointed the analysts’ expectations in the past three quarters. The average negative surprise of OCGN stock was 274.44%.
Pre Clinical Study of OCU200:
On May 7, 2021, OCGN stock reported a pre-clinical study of OCU200 in which the efficacy of in-vitro and in-vivo models for ocular neovascular diseases was evaluated. The data showed that the OCU200 has the ability to show potential benefits beyond anti-VEGF therapy and could be effective for patients who are not getting benefits from the current therapies. The CEO said that they are looking forward to advancing their programs and working hard for the development of new treatment options for the patients.
Ocugen contribution against COVID-19:
Ocugen stock is also involved in the battle against COVID-19 as it announced a partnership agreement with Bharat Biotech in the last month of 2020 in order to commercialize the coronavirus vaccine Covaxin in the United States. Remember that Covaxin has already got authorization in India, a country in which COVID-19 is at its peak nowadays. If Covaxin gets EUA or FDA approval, then OCGN stock will get 45% profit from the sales of Covaxin in the U.S.
OCGN stock is hot among investors in today’s date ahead of its first-quarter financial results. The earnings surprise history for the past three quarters is disappointing and upcoming financial results would further clarify the position of OCGN stock. Hence deep analysis is necessary before adding Ocugen stock to the portfolio.