OCGN Stock Forecast: Ocugen Inc rebounds as wild COVID-19 vaccine ride continues
- NASDAQ:OCGN gained 7.22% on Thursday amidst a rocky trading session.
- Investors feeling FOMO continue to buy into risky biotech stocks.
- OCGN raises $23 million in capital to fund its COVID-19 vaccine partnership with Bharat.
NASDAQ:OCGN has continued its volatile week as the stock experiences a combination of profit-taking and FOMO, which has caused it to yo-yo back and forth. On Thursday, the biotech stock added 7.22% and closed the trading day at $10.99 after a down day on Wednesday. The daily trading volume on Thursday hit 122 million shares as investors have re-ignited interest in the newcomer to the COVID-19 vaccine industry. While the buzz around the stock is mostly positive, investors should keep in mind that as recently as Monday the stock was trading at $18.77, so shares have seen a 45% dip over the span of three days.
The action surrounding the stock is indicative of classic FOMO or fear of missing out, by investors as they attempt to chase big gains. Of course, this usually does not end well for investors, who are now stuck with the 45% loss that has hit the stock over the past few trading sessions. Still, if all of the right pieces fall into place for Ocugen it does have the potential to surge if the Bharat nasal vaccine receives FDA emergency use authorization in a timely fashion. For that to happen, the results of the ongoing clinical studies will need to be reported, and those may not be ready until March.
OCGN stock news
Ocugen announced that it completed its public stock offering and raised an impressive $23 million in new capital that will be used by the company to fund its partnership with Bharat Pharmaceutical Technology. While Bharat will provide the first batches of the vaccines if approved, Ocugen is in the process of establishing a manufacturing and supply chain in the United States for subsequent orders.
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FXStreet
