Why Ocugen Stock Is Dropping Today
Shares of Ocugen (NASDAQ: OCGN) are falling sharply on Wednesday and were down by 15% as of 12:27 p.m. EST after plunging by as much as 21.2% earlier today. The company did not report any news, but after the stock skyrocketed by about 80% on Tuesday, today's losses could be due to investors taking some profits after yesterday's furious rally.
Yesterday, Ocugen announced a definitive deal to develop and commercialize Covaxin, a coronavirus vaccine candidate, with India-based Bharat Biotech. Ocugen will hold the rights to market Covaxin in the U.S. Investors reacted to the news with enthusiasm, but today is another day for Ocugen. With that said, day-to-day changes in the prices of stocks shouldn't matter too much, at least not to long-term investors. Focusing on the company's investment thesis is a much more fruitful exercise.
How do Ocugen's prospects look? The company currently has no products on the market, and if Covaxin is approved in the U.S., the revenue it will generate as a result could send its stock price soaring.
Source Fool.com
