Why Ocugen Stock Eked Out a Win Today
Investors were pleased, if not overwhelmingly so, with Ocugen's (NASDAQ: OCGN) latest set of quarterly results on Tuesday. The biotech published its fourth-quarter and full-year figures that morning, in addition to providing a business update. In reaction, the market bid up its stock by 2% on the day. That bettered the 0.3% slump of the S&P 500 index.
Ocugen is a clinical-stage biotech that has no revenue at the moment. It does, of course, incur expenses developing new products, and these totaled almost $24.2 million for the quarter.
Combined with other income, this filtered down into a net loss of $21.9 million ($0.10 per share), which was notably deeper than the $14.6 million deficit of the same quarter of 2021 but in line with analyst estimates.
Source Fool.com
