Ocugen (OCGN) stock was down by over 47% over the past month, but the new drug development needs time. In other words, I still suggest that investors who in the biopharmaceutical space watch this stock, the reasons below.
In fact, Ocugen is a player on COVID-19 vaccine too. On February 2, 2021, Ocugen entered into a co-development, supply and commercialization agreement with Bharat Biotech for the development and commercialization of COVAXIN vaccine in the U.S. market. Ocugen will share the profits from the sale of COVAXIN in the U.S. market with Bharat Biotech and retaining 45% of the profits.
The company said in the middle of last month that the interim results from Bharat Biotech’s Phase 3 trial in India showed that COVAXIN was well tolerated and demonstrated 81% efficacy in preventing COVID-19 in those without prior infection after the second dose. Moreover, COVAXIN has been shown to induce immune responses against multiple protein antigens of the virus potentially reducing the possibility of mutant virus escape.
Reuters previously reported that Mexican Foreign Minister Marcelo Ebrard said that Mexico’s health regulator Cofepris has authorized the emergency use of this COVID-19 vaccine COVAXIN, this made us to see the hope of the company's vaccine.
Additionally, the company's first gene therapy candidate OCU400 on track to enter the clinical trials in the second half of this year and the company is planning to file an investigational new drug application for OCU400 in later this year. In February of this year, the European Commission has granted orphan medicinal product designation for OCU400, for the treatment of both retinitis pigmentosa and Leber Congenital amaurosis.
With all of this in mind above, Ocugen's current stock was obviously undervalued if it can achieve success through COVAXIN and OCU400, but as previously mentioned that it takes time. We hope to see good results, especially COVAXIN which we need.
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