OCGN Stock Forecast: Ocugen Inc extends decline as it misses on third quarter earnings

NASDAQ:OCGN fell by 7.37% during Tuesday’s trading session.
Ocugen reported its third-quarter financial results on Tuesday.
Ocugen is targeting COVID-19 vaccinations for children.

Stocks Reporter FXStreet

NASDAQ:OCGN extended its recent skid and has now lost nearly 50% over the past five trading days. On Tuesday, shares dropped a further 7.37% and closed the trading session at $8.92. It has been a bumpy ride for Ocugen shareholders as of late, and on Tuesday a disappointing earnings report for the third quarter magnified its losses. Ocugen’s report came on a day full of high-profile companies reporting as well. Other companies like PayPal (NASDAQ:PYPL), Palantir (NYSE:PLTR), Coinbase (NASDAQ:COIN), and Nio (NYSE:NIO) all reported on Tuesday, so Ocugen was lost in the shuffle. Still, the stock has been on a steep downward trajectory over the past couple of weeks, despite numerous catalysts that could be interpreted as being positive for the future of the company.

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As mentioned earlier, Ocugen reported its third-quarter financial results, narrowly missing Wall Street expectations. Ocugen saw a loss of $10.8 million and earnings per share of a loss of $0.05. This was a wider loss than expected by analysts who were forecasting a loss of $0.04 per share for the quarter. The earnings miss only proved to add to Ocugen’s recent struggles, as the stock continued to sell-off.

OCGN stock price

Ocugen did report some potential catalysts as the company heads into 2022, including focussing on children for its COVID-19 vaccine candidate: Covaxin. Ocugen generally operates in North America, where vaccines from Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) have dominated usage. Now that the US and Canada are both looking towards vaccinating children, Ocugen is eyeing this as an opportunity to gain an important market share for its vaccine.

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Stocks Reporter

FXStreet

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