Why Ocugen Stock Fell 31.1% in May
Shares of biopharmaceutical company Ocugen (NASDAQ: OCGN) dropped by 31.1% in May, according to S&P Global Market Intelligence data. Investors were concerned because the downward trend in COVID-19 cases in the United States could hurt the chances for the company's vaccine, which it is developing with India's Bharat Bioscience. With Ocugen's odds for bringing a profitable vaccine to market declining, investors may be taking a harder look at the company's financials, which showed a $7.1 million loss in the first quarter.
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Ocugen's stock is up by more than 3,389% over the past 12 months and more than 376% this year. Those massive gains were predicated on the possibility that its candidate coronavirus vaccine COVAXIN, which the company says is effective against the new COVID-19 variants of concern, would be approved -- and be profitable.
Source Fool.com
