Ocugen price target lowered at H.C. Wainwright on delay for COVID-19 shot

May 12, 2022 7:39 AM ETOcugen, Inc. (OCGN)By: Dulan Lokuwithana, SA News Editor

Ocugen (NASDAQ:OCGN) is trading lower in the pre-market Thursday after H.C. Wainwright cut its price target on the clinical-stage biotech citing a potential delay in the launch of the company’s COVID-19 vaccine due to a production issue.
During the recent earnings call, Ocugen (OCGN) Chief Executive Shankar Musunuri noted that the deficiencies found in its partner’s manufacturing facility have caused a temporary pause in the dosing of the Phase 2/3 study for the vaccine. Later, the FDA placed a clinical hold on the trial.
Citing the issue, H.C. Wainwright analyst Swayampakula Ramakanth pushes the estimated timeline for vaccine-related revenue to 4Q 2024 from 3Q 2024.
Swayampakula adjusts the model to reflect the company’s recently-reported 1Q 2022 financials, and lowers the price target for Ocugen (OCGN) to $7 from $8.
In 2020, the company joined hands with Bharat Biotech to develop the inactivated virus vaccine candidate named Covaxin for the U.S. market. Ocugen (OCGN) currently has exclusive rights for Covaxin for entire North American region.