RE:RE:RE:RE:New Zacks Report - $0.60 USD/Share Price Targetanalysts can be extremely conservative in their price targets and can be totally off in under-appreciating the share price appreciation that can happen when a biotech releases great data results. Take Ocugen (OCGN) for example, just in the past two weeks they recently released some results and partnership news.
On Feb 1/2021 OCGN closed at $1.81
<study results and partnership news announced in this timeframe>
On Feb 4/2021, with the stock trading at $2.81 H.C. Wainwright sets a tgt price of $4.50
On Feb 8/2021 OCGN closed at $15.81
On Feb 9/2021, with the stock trading at $15.81 Chardan Capital Markets took their tgt price from $0.70 (yes, seventy cents) to $13.
Feb 9/2021
Ocugen downgraded to Neutral at Chardan Capital Markets on share price appreciation; tgt raised to $13 (15.81 ) : Chardan Capital Markets downgrades OCGN to Neutral from Buy and raises their tgt to $13 from $0.70. Analyst Keay Nakae said, "Given the recent significant appreciation in the price of OCGN we are downgrading our rating to Neutral. The stock has increased from $0.29 to $15.81 since announcing on 22 December 2020 its intention to co-develop Bharat Biotech's Covid-19 vaccine candidate, COVAXIN, for the U.S. market. Under the agreement, Ocugen will have U.S. rights to the vaccine candidate and will be responsible for obtaining FDA Emergency Use Authorization (EUA) for COVAXIN. What this will require is uncertain at this point, including the possibility of an additional U.S. based study, but will certainly be highly dependent on the results from the ongoing phase III study in India. Topline data from this study is expected in March 2021. Ocugen will also be responsible for establishing manufacturing of the vaccine in the U.S. and for all this will be entitled to 45% of the profits from U.S. sales."
Feb 4/2021
Ocugen upgrade details -- to Buy at H.C. Wainwright; tgt $4.50 (2.81 ) : H.C. Wainwright upgrades OCGN to Buy from Neutral and sets target price at $4.50. Analyst Swayampakula Ramakanth commented, "On February 2, Ocugen announced that the company has entered into a definitive agreement with Bharat Biotech (private) to co-develop, supply, and commercialize Bharat's COVID-19 vaccine, COVAXIN, for the U.S. market. Recall, on December 22, Ocugen signed a binding letter of intent with Bharat regarding the U.S. rights to COVAXIN. Under the terms of the agreement, Ocugen is responsible for clinical development, regulatory approval, including the Emergency Use Authorization (EUA) and commercialization of the vaccine candidate for the U.S. market. Bharat expects to supply initial doses of COVAXIN for the U.S. market if a EUA is granted. Meanwhile, the parties expect to start the process of technology transfer for U.S. manufacturing. In exchange, Bharat is entitled to share the profits from the sale of COVAXIN in the U.S., with Ocugen retaining 45% of the profits. COVAXIN, a whole-virion inactivated COVID-19 vaccine candidate, has generated promising Phase 1 & 2 data in the studies conducted in India, and received a EUA from the Indian regulator in January. The vaccine induced comparable levels of neutralizing antibodies to those in human convalescent serum, which we believe bodes well for the success of the ongoing Phase 3 trial in India. According to management, the Phase 3 study has fully enrolled 25,800 subjects, and expects to report the to-pline data in 1Q21, which we believe could be a major catalyst."