Ocugen Reveals Positive Results from Phase 2 Analysis of COVAXIN

This article was originally published on TipRanks.com

Biopharmaceutical company Ocugen, Inc. (NASDAQ: OCGN) disclosed that its partner, Bharat Biotech, posted positive results from a Phase 2 analysis of the vaccine candidate, COVAXIN (BBV152). The analysis included participants aged 12 to 64, who were administered the booster dose six months after receiving the second primary dose.

Supporting Data 

According to the analysis, these participants showed a significant increase in neutralizing titers, demonstrating vaccine efficacy with robust immune responses and long-term safety.

A detectible neutralizing antibody response was reflected in more than 75% of all participants six months after their second dose of COVAXIN. Furthermore, after administering the booster dose, participants recorded an increase in antibody titers (at day 28), which were higher than those recorded post the two-dose primary vaccinations.

The booster dose analysis did not report any serious adverse events, including hospitalization or death.

CEO Comments

Ocugen CEO Shankar Musunuri said, “As the COVID-19 virus continues to evolve, so does our understanding of the efficacy of vaccines and the critical role they play in protecting people from serious disease, hospitalization and death. These booster data provide critical information about how COVAXIN can be used in the ongoing battle against COVID-19. We are encouraged by these results which continue to suggest that COVAXIN remains an important, broad-spectrum vaccine candidate with durability.”

Wall Street’s Take

Recently, H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating and a price target of $10 (146.31% upside potential) on the stock.

The rest of the Street is cautiously optimistic about the stock, with a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average Ocugen price target of $10.33 implies 154.43% upside potential. Shares have lost 41.8% over the past six months.

Risk Analysis

According to the new TipRanks Risk Factors tool, Ocugen stock is at risk mainly from three factors: Tech and Innovation, Finance and Corporate, and Legal and Regulatory, which contribute 30%, 24%, and 23%, respectively, to the total 74 risks identified for the stock.

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