Ocugen Fell Today: Is It a Buy Now?
Does a rising tide really lift all boats? Not necessarily. While the overall stock market delivered solid gains on Tuesday, shares of Ocugen (NASDAQ: OCGN) sank as much as 13.6% before recovering some of the loss. Is the stock a buy on the dip?
It's important to first understand why investors' optimism about Ocugen has waned. The company had hoped to win U.S. Emergency Use Authorization (EUA) for COVID-19 vaccine Covaxin in immunizing children ages two to 18. However, that door was slammed shut last week by the U.S. Food and Drug Administration (FDA).
Unfortunately, Ocugen has also had other setbacks. The FDA wouldn't allow an EUA pathway for Covaxin in adults, either. The agency initially placed Ocugen's application to initiate a clinical study for the vaccine on hold. Health Canada issued a notice of deficiency to the company, related to its filing for approval of Covaxin.
Source Fool.com
