Is Ocugen Stock a Buy Now?

Shares of Ocugen (NASDAQ: OCGN) have been on quite a ride this past year. The biotech company's intention to enter the coronavirus vaccine market in North America initially stoked investors' excitement; however, that strategy has since faced regulatory headwinds. The company has yet to earn an emergency use authorization (EUA) or approval in the U.S. or Europe for its product, Covaxin.

On the positive side, Covaxin has received an EUA from the World Health Organization and approvals from regulators in 13 countries, including India and Mexico. But that may not be enough for investors. While Ocugen's stock has performed much better overall than the broader market over the past year, that's included some enormous swings in both directions. For potential new investors, the question must be: Where will Ocugen go from here?