Shares of biopharmaceutical company Ocugen (NASDAQ:OCGN) are trending today after the company delivered promising top-line results from the Phase 2/3 trial of its Covid-19 vaccine candidate Covaxin.
Importantly, the trial achieved both co-primary endpoints, and Covaxin was observed to be well tolerated in subjects. These results further boost evidence of the vaccine’s effectiveness.
Now, these results from the immune-bridging and broadening study are expected to play a pivotal role in Ocugen’s plans to develop the vaccine in the U.S.
Impressively, Covaxin has already received emergency use authorization in 25 countries outside the U.S., and 350 million doses of the vaccine have already been administered.
Ocugen shares have tanked about 48% over the past six months while consensus on the Street remains a Strong Buy for the stock. The current average price target of $5.33 implies a massive 310% potential upside in OCGN shares.
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