Shares of Ocugen (NASDAQ:OCGN) soared 61.5% on Friday, following analyst commentary that is positive. H.C. Wainwright analyst Swayampakula Ramakanth raised their rating on Ocugen’s stock on from basic to buy and put a $4.50 price forecast on its shares thursday. Ramakanth cheered Ocugen’s recent handle India-based vaccine developer Bharat Biotech to possibly bring Covaxin, a vaccine that is COVID-19, towards the U.S. market.
Ramakanth posits that Covaxin could cause wider resistance and better security against brand new coronavirus strains compared to vaccines which are COVID-19 have received emergency use authorization within the U.S. He also highlighted Covaxin’s possible logistical advantages, due to its less temperature that is onerous needs.
Roth Capital analyst Zegbeh Jallah, meanwhile, thinks Ocugen’s share price could rise to since high as $8. Jallah applauded the structure for the deal, which provided Ocugen a 45% share associated with possible earnings from Covaxin’s U.S. product sales without needing it to create an repayment that is upfront Bharat Biotech. Jallah’s price target represents gains which are prospective investors of approximately 52% from Ocugen’s closing price on Friday.
Much of Ocugen’s future development leads sleep on its now capability to obtain emergency use authorization for Covaxin into the U.S. hence, investors should brace for volatility in Ocugen’s stock price as it advances toward medical studies. Shares of Ocugen (NASDAQ:OCGN) soared 61.5% on Friday, following analyst commentary that is positive.