An announcement by Biotechnology company Ocugen Inc. (OCGN) on Friday, April 23, indicated that the OCGN stock was prepared to trade 10 million shares for $ 10 per share with institutional investors. Following the announcement of the news, a correction was made. On April 26, the company’s share price surpassed $11, surging more than 20%.
For the day, Ocugen Inc. (OCGN) posted a gain of 20.35% to close at $11.59. Within the past 50 days, the average daily volume was 50.29 million shares, but the stock volume stayed steady at 270.36 million shares. Since the beginning of the year, shares of OCGN have risen by 3625.49%, and they have gained 105.50% in the past week. This stock has increased 457.21% over the past three months, while it has added 3521.88% over the past six months. Additionally, the OCGN stock’s market capitalization currently stands at $2.10 billion, and its outstanding shares stand at 188.09 million.
About $ 100 million will be received by Ocugen from the sale of shares, which will be used for investment in development. Today one of the viable biotech projects may develop a vaccine for the coronavirus COVID-19. Covaxin, created by Ocugen’s partner Bharat Biotech, was entered into the second phase III clinical trial. As the data indicate, Covaxin has overall efficacy of 78 %, but it protects against severe disease cases 100 %.
After regulators approved the vaccine in the US and EU, Ocugen announced that it had prepared an application to use the vaccine in an emergency. The application process is expected to be completed much sooner than initially expected. Under the partnership, Ocugen will receive 45 percent of any profits Bharat Biotech makes in the United States on behalf of Covaxin.
Ocugen’s core business is not the development of a vaccine against COVID-19. Our company focuses mainly on developing treatments for conditions intended to prevent or treat blindness and other ophthalmic disorders. The company has developed a unique gene therapy platform capable of treating multiple retinal diseases with a single drug. Ocugen believes that their products have the best therapeutic potential for patients with conditions like wet age-related macular degeneration, diabetic macular edema, and diabetic retinopathy.