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Ocugen Submits EUA for Use of COVAXIN in Children 2-18 Years of Age

Shares of Ocugen, Inc. (OCGN) gained 1.8% on Friday after the biopharmaceutical company disclosed that it submitted Emergency Use Authorization (EUA) request to the U.S. Food and Drug Administration (FDA) for its COVID-19 vaccine candidate in children aged 2 to 18 years.

COVID-19 vaccine candidate BBV152, also known as COVAXIN outside of the U.S., has been developed by Bharat Biotech. Its efficacy was tested in an immuno-bridging clinical trial conducted in India.

The results of a Phase 2/3 clinical trial conducted on 526 children 2 and 18 years of age, from May 2021 to July 2021, forms basis of EUA submission. Each participant was given two doses of the whole virion inactivated SARS-CoV-2 virus vaccine in a gap of 28 days. (See Ocugen stock charts on TipRanks)

The trial showed that the neutralizing antibody responses against wild-type strain in the pediatric age group were similar to those seen in adults. Also, no side effects were reported in the study.

Dr. Shankar Musunuri, the Chairman of the Board, CEO and Co-Founder of Ocugen, said, “Having a new type of vaccine available will enable people to discuss with their child’s physician the best approach for them to lower their child’s risk of contracting COVID-19. The inactivated virus platform has been used for decades in vaccines for the pediatric population and, if authorized, we hope to offer another vaccine option to protect children as young as 2 years.”

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Analyst’s Recommendation

On October 28, Noble Financial analyst Robert LeBoyer reiterated a Buy rating on Ocugen with a price target of $15 (46.5% upside potential).

Consensus among analysts is a Moderate Buy based on 2 Buys and 2 Holds. The average Ocugen price target stands at $8.75 and implies downside potential of 14.6% to current levels. Shares of the company have surged 233.6% so far this year.

Investor Sentiment

TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Ocugen, with 6.8% of investors on TipRanks increasing their exposure to OCGN stock over the past 30 days.

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