Ocugen, Inc. (OCGN) is a late-stage biotherapeutics company engaged in the discovery, development, and commercialization of gene therapies to treat blindness-related diseases. The company is also developing a COVID-19 vaccine ‘COVAXIN’ in collaboration. The company’s innovative product candidates offer better therapeutics to patients with wet age-related macular degeneration, diabetic macular edema, and, diabetic retinopathy.
The price of OCGN stock during the regular trading on February 22, 2022, was $4.23 with a gain of 22.2%. At last check in the aftermarket, the stock declined by 12.06%.
OCGN: Events and Happenings
On February 22, 2022, OCGN updated the pricing of its underwritten public offering of 15,973,420 million common stock shares. The company expects the net proceeds from the offering of $53.5 million. The offering is expected to close on February 25, 2022. Additionally, the company has granted a 30-day option to the underwriter for the acquisition of up to 2,396,013 million added shares of its common stock.
On February 22, 2022, OCGN reported about the commencement of an underwritten public offering of the company’s common stock. Additionally, the company expects to grant a 30-day option to acquire an additional 15% of shares of its common stock. The company intends to utilize the gross proceeds for general corporate purposes.
On February 18, 2022, OCGN informed about hosting a fourth-quarter 2021 earnings release on February 25, 2022. On February 18, 2022, OCGN announced that FDA had lifted the clinical hold on its IND application to assess COVAXIN. On February 15, 2022, survey data from OCGN and The Harris online poll revealed a majority of Americans want more COVID-19 vaccine choices to pick from.
On January 27, 2022, OCGN updated about signing a non-binding letter of intent with Liminal BioSciences, for the purchase of their manufacturing site in Canada. On January 12, 2022, OCGN and Bharat Biotech announced the results from a study demonstrating that the booster dose of COVAXIN neutralized the Omicron and Delta variants of SARS-CoV-2.
OCGN: Key Financials
On November 09, 2021, OCGN released its financial results for the third quarter ended September 30, 2021. Some of the important highlights are discussed below.
Revenue
No revenue was reported in Q3 2021 as in the same quarter of 2020.
EPS
Basic and diluted net loss per share in Q3 2021 was $10.7 million or $0.05 against $10.4 million or $0.07 in the same period of 2020. The company’s EPS increased over the yearly period. Also, the company missed the analysts’ estimates by -$0.01.
Conclusion
OCGN stock is 44% down the past six months due to economic downfall as a result of the pandemic. The current aftermarket fall of the stock was observed after the company announced the pricing of its public offering of common stock. Also, the company is gearing for the earnings release date and the analysts are expecting its EPS to be -$0.07.
