Key points:
- OCGN stock tanked 23% premarket on FDA disapproval of Covaxin EAU
- Once trading at $600, OCGN now can be snapped up for just above $3
- After last weeks 50% surge, Ocugen may still be a good play on the continued vaccine race
Today, Ocugen (NASDAQ: OCGN) stock tanked over 23% premarket on news that the FDA has declined to issue an Emergency Use Authorization (EUA) for the pediatric use of Covaxin in the fight against Covid-19.
The stock dips comes shortly after last week’s price surge; which saw a 50% rise in OCGN stock after the FDA moved to lift its clinical hold on Covaxin. Ocugen – amongst other vaccine manufacturers – have been prone to extreme bouts of market volatility throughout the length of the pandemic, normally attested to approvals or disapprovals from the FDA.
The fight against Covid isn’t quite over. Drug manufacturers are still working tirelessly on ensuring more than one efficient and stable vaccine is commonly available. The ‘multiple vaccine’ approach isn’t just necessary for a complete recovery, but it’s also a golden gate into a variety of approachable investment opportunities.
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Ocugen, for example, has lost almost 100% of its stock value since the company began public trading in 2015, where it briefly traded around peaks of $640. Today, Ocugen stock can be snapped up for a mere $3.29. For a company that is teetering on the edge of another promising Covid vaccine, it’s a stock certainly worth looking at it.
In terms of Covaxin, the company has stated that it “intends to continue working with FDA to evaluate the regulatory pathway for the pediatric use of COVAXIN.” Should Ocugen reach the required pathways needed in the near future, there is little reason as to why OCGN stock can’t bounce with a repeat of last week’s 50% gain or more.
