Ocugen (OCGN) stock Falls On Earnings: Continues To Make Progress Toward Eua For Covaxin

Ocugen Inc  (NASDAQ:OCGN) stock reversed early gains in the pre-open session after reporting first-quarter earnings now.

Ocugen (OCGN) stock Falls On Earnings: Continues To Make Progress Toward Eua For Covaxin

The company said that net loss during the quarter improved to 4 cents a share from 7 cents a share. cash, cash equivalents, and restricted cash during the quarter stood at $44.9 million, up from $24.2 million a quarter ago

Ocugen is currently in discussions with the FDA regarding the development of COVAXIN and has submitted key information and data to date as a Master File for FDA review prior to a planned EUA application once additional data is received from Bharat Biotech from the ongoing Phase 3 clinical trial.

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Ocugen is additionally in discussions with the Biomedical Advanced Research and Development Authority, commonly known as BARDA, regarding the U.S. government’s support of COVAXIN.

OCGN stock was trading higher 4% in the pre-open before the results, however, after the results the stock turns around and now trading lower by 1.50%. The stock has lost about 40% from Monday’s peak price of around $16.

 

Michael Rowels

Weekend Contributor. Writing for business and finance publishers has become his passion over the last decades after he completed a master's degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.