It’s easily forgiven if you’ve never heard of Ocugen (NASDAQ:OCGN) before. It’s a fairly new and still quite little biotech stock; it only got started in 2013, and by biotech standards, that’s not especially long. But it’s making some serious waves all the same, and today, it’s up over 16% as news is emerging about its product line.
Ocugen is working on a development that has major implications all throughout the spectrum: inhalable vaccines. It’s also working on gene and cell therapies, which have proven extremely controversial over the years. In fact, one such development was recently revealed to be headed for Phase 3 clinical trials within the next few months.
Known as OCU400, and focusing on “inherited eye diseases,” it’s already making some strides against retinitis pigmentosa and Leber congenital amaurosis, or LCA. In fact, if all goes as planned, OCU400 will represent around $177 million in annual revenue for Ocugen by 2038, showing the inherent potential in its product line.
Branching Outward
Just last week, it was revealed that another Ocugen product, known as OCU410, was heading into a two-phase ArMaDa trial that would consider matters of safety for use with geographic atrophy patients. It recently completed subject dosing, though only about 13 surgery sites are involved in the trials right now.
Still, what it suggests is that Ocugen may well have a significant product line on hand in the future. While that future may take longer to get here than some people’s investment timelines will allow for, the fact that it’s currently running at about the same price as a king-size Snickers bar per share suggests a highly speculative but significant potential opportunity afoot.
Is Ocugen a Good Stock to Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on OCGN stock based on two Buys assigned in the past three months, as indicated by the graphic below. After a 56.59% rally in its share price over the past year, the average OCGN price target of $7.50 per share implies 420.83% upside potential.
