Ocugen Inc. (OCGN) has a collaboration agreement with pharmaceutical manufacturer Jubilant HollisterStier to produce and market a vaccine called Covaxin against COVID-19. The rise in the price of OCGN shares has not proved to be significant in the last session as the shares have already risen in price by 242 % since the beginning of the year.
At the close of Tuesday’s market session, shares of Ocugen Inc. (OCGN) are up 2.12% at $6.26. Ocugen Inc.’s stock finished the last trading session at $6.13. The stock recorded a trading volume of 100.8 million shares, below the average daily trading volume published over the previous 50 days of 78.98 million shares. The shares of Ocugen Inc. have retreated -38.26% in the last five days; however, they have lost -28.46% over the previous month. The stock price has shed -31.43% in the last three months and has gained 242.08 percent this year. In Addition, its price to sales ratio stands at 30721.30.
It would be helpful to note that Ocugen has abandoned its attempt to obtain approval from the US Food and Drug Administration (FDA) to use Covaxin urgently. Instead, the company is seeking approval to commercialize the vaccine for routine mass vaccination. Even though this will take additional time, it may prove to be more profitable over the long run since there are already so many emergency vaccinations from so many manufacturers.
Covaxin will first be brought to the US and Canadian markets by Ocugen – an application for approval is currently being prepared. Bharat Biotech was the company originally responsible for developing Covaxin. Bharat Biotech and Ocugen signed an agreement in February that entitles Ocugen to 45 percent of its North American sales revenue.
Nonetheless, it must be remembered that profits from Covaxin may not come into being until as early as 2022 if approved and mass production begins. In addition, according to the results of Ocugen Inc. (OCGN) for the first quarter, the company only had $ 45 million in cash and equivalents, which indicated that it might require additional funding.