Ocugen Inc (NASDAQ: OCGN) has been given a boost from Wallstreet this morning after Noble Financial analyst Robert LeBoyer initiated coverage with a Buy rating and a $15 price target. The price target suggests an upside of 114% from the current trading price.
The analyst noted “Ocugen has in-licensed Covaxin, a whole-virion vaccine for Covid-19 that has advantages over the the current vaccines in use today” according to theFly. The news gives long term investors confidence in the stock despite the recent set backs.
Ocugen stock has a new street high target
LeBoyer’s target is now Wallstreets highest after Ocugen stock received multiple downgrades last month. For example, H.C Wainwright analyst Swayampakula Ramakanth dropped the firms 12 month price target from $12 to $10 a share last month.
However, Ramakanth is still bullish on Ocugen stock. The analyst noted in a recent report that Ocugen’s Covaxin can still help address “this much needed public health concern”.
In addition, the average 12 month price target remains above the current trading price at $9.30 a share. Across the board of 5 Wallstreet analysts, majority of analysts have listed a Hold rating. It is clear analysts are practising some caution as the BLA decision caused high levels of volatility.
How is Ocugen tracking with their COVID-19 vaccine
The price movement of OCGN has been highly volatile over the past month as the company recently disclosed they will no longer pursue a US Emergency Use Authorization (EUA) for Covaxin after advice from the FDA. Ocugen is now pursuing a Biologics License Application (BLA) to distribute Covaxin across the US.
Ocugen is partners with Bharat Biotech who originally created the Covaxin vaccine. The agreement between the companies states Ocugen will receive 45% cut of the sales made in the US and Canada if the BLA is approved. Analysts revenue expectations were slashed to zero for 2021 as the BLA will take longer to approve and commercialise than the original EUA plan. Nevertheless, Ocugen remain confident they can secure the BLA and bring Covaxin into the US and Canadian market.
“Although we were close to finalizing our EUA application for submission, we received a recommendation from the FDA to pursue a BLA path. While this will extend our timelines, we are committed to bringing COVAXIN™ to the US.
This differentiated vaccine is a critical tool to include in our national arsenal given its potential to address the SARS-CoV-2 variants, including the delta variant, and given the unknowns about what will be needed to protect US population in the long term,”
said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen.
See more Ocugen news below
The information above is not financial advice. Youth Investment Group has no liability for personal financial interests or investment decisions. You should make your own investment decisions based upon your own research and what you believe is best for you.
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