Ocugen: Potential Covid-19 Vaccine EUA Warrants a Buy, Says Analyst

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Ocugen: Potential Covid-19 Vaccine EUA Warrants a Buy, Says Analyst

TipRanks2021-03-23

Ocugen (OCGN) has been one of 2021’s biggest and unlikeliest success stories. The eye disease specialist has shifted its focus to getting another Covid-19 vaccine to market. For investors, it is a ...

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The eye disease specialist has shifted its focus to getting another Covid-19 vaccine to market. 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The eye disease specia","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"OCGN":"Ocugen"},"translate_title":"OCUGEN：分析师称，潜在的新冠疫苗EUA值得购买","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"OCGN":0.9},"content_text":"Ocugen (OCGN) has been one of 2021’s biggest and unlikeliest success stories. The eye disease specialist has shifted its focus to getting another Covid-19 vaccine to market. For investors, it is a move that has paid off, so far; the stock is up by a massive 366% year-to-date.\nThe company reported 4Q20 earnings last week, and H.C. Wainwright analyst Swayampakula Ramakanth believes the company’s cash position of $47 million should be enough to support its operations into 2023. Going by Ramakanth’s revenue estimates for 2021, the company’s position should improve substantially by then. In 2021, the analyst projects revenues of $280 million and diluted EPS of $1.10.\nRamakanth’s forecasts assume the company gains regulatory approval for COVAXIN, the Covid-19 vaccine India-based Bharat Biotech is developing. Ocugen has inked a deal with Bharat to bring COVAXIN to the US, where the company will oversee clinical development, getting the vaccine approved by the regulators and take on all U.S. commercialization aspects. In return, Ocugen will get to keep 45% of any profits.\nCOVAXIN has already been granted emergency use authorization in India, even before interim analysis of its Phase 3 trial showed an efficacy rate of 81%.\n“Albeit preliminary,” says Ramakanth, “The 81% efficacy places COVAXIN ahead of adenovirus vaccines, and behind only two approved mRNA vaccines in terms of efficacy, which we believe bodes well for its potential U.S. regulatory approval and market opportunity.”\nOnce Bharat holds the data of 87 cases (the initial interim readout was based on 43 cases), the company expects to perform an additional interim analysis and after 130 cases, will conduct the final analysis. \nOnce the safety data of 60 days following the second dose becomes available, Ocugen plans to meet with the FDA and discuss COVAXIN’s regulatory pathway, which Ramakanth thinks should be sometime in April.\n“We believe a green light from the regulator that allows applying for EUA [Emergency Use Authorization] could be the next catalyst for OCGN,” the 5-star analyst summed up.\nTo this end, Ramakanth reiterated a Buy rating on OCGN shares, backed by a $12 price target. The implication for investors? Possible upside of 40%. (To watch Ramakanth’s track record, click here)\nRamakanth’s objective sits just below the Street’s $12.50 average price target, which suggests gains of 46% in the year ahead. Based on a total of 3 Buys vs. 1 Hold, the analyst consensus rates this stock a Strong Buy. (See OCGN stock analysis on TipRanks)\n\n\n\n\n\nTo find good ideas for healthcare stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.\nDisclaimer: The opinions expressed in this article are solely those of the featured analysts. The content is intended to be used for informational purposes only. It is very important to do your own analysis before making any investment.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":2,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}