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Here's Why Ocugen (OCGN) Stock Has More Than Tripled This Year

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Ocugen (OCGN - Free Report) stock is up 378.7% this year so far against the industry’s decrease of 5.3%.



In February, Ocugen entered into a definitive agreement with India-based Bharat Biotech to co-develop and commercialize the latter’s COVID-19 vaccine, COVAXIN, for the U.S. market. This collaboration, which gave Ocugen U.S. rights to this lucrative vaccine candidate, has been driving the stock’s price this year so far. Ocugen is making progress toward Emergency Use Authorization (EUA) for COVAXIN in the United States. Ocugen is also in discussions with BARDA, regarding the U.S. government’s support of COVAXIN. It is also considering evaluating COVAXIN in special populations, such as children, as well as booster doses

In April, Bharat Biotech announced impressive data from the second interim analysis of its phase III study of COVAXIN, which showed 78% overall efficacy against COVID-19 disease, 100% efficacy against severe COVID-19 disease (including hospitalization), and 70% efficacy against asymptomatic COVID-19 infection.

The company is also simultaneously driving its ophthalmology gene therapy pipeline toward clinical studies. It plans to submit an investigational new drug (“IND”) application for its gene therapy candidate, OCU400, in the second half of this year. The IND application seeks FDA’s approval to initiate two early-stage studies, anticipated to start by the end of 2021.

Ocugen currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Some better-ranked stocks in the healthcare sector are BioNTech (BNTX - Free Report) , Atea Pharmaceuticals (AVIR - Free Report) and Repligen Corporation (RGEN - Free Report) . While BioNTech has a Zacks Rank of 1, the other two companies carry a Zacks Rank #2 (Buy).

BioNTech’s earnings estimates have risen from $10.91 per share to $29.44 per share for 2021 and from $7.34 per share to $21.34 per share for 2022 in the past 60 days. The stock is up 144.2% this year so far.

Atea’s earnings per share estimates have increased from $3.70 to $8.37 for 2021 and from $16.14 to $17.21 for 2022 over the past 60 days.

Repligen’s earnings estimates have risen from $1.91 to $2.21 for 2021 and from $2.23 to $2.53 for 2022 over the past 60 days.

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