Biopharmaceutical company Ocugen’s (OCGN) partner Bharat Biotech has announced positive results from a Phase 2/3 trial of Covaxin, conducted in India, in children aged 2-18 years.
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The candidates were administered two doses after a gap of 28 days and showed antibody response similar to adults. About 93% reduction in severe disease was witnessed. Also, none of the participants experienced any severe adverse events during the trial.
The Chairman of the Board, CEO and Co-Founder of Ocugen, Shankar Musunuri, PhD, MBA, said, “These data represent the first positive vaccine data in children as young as two years of age and come at an important time as COVID-19 infections are seeing a spike across the globe.”
Wall Street’s Take
H.C. Wainwright analyst Swayampakula Ramakanth maintained a Buy rating on Ocugen with a price target of $10 (107% upside potential).
The rest of the Street is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 2 Buys and 1 Hold. The average Ocugen price target of $10.33 implies 113.9% upside potential.
Smart Score
According to TipRanks’ Smart Score system, OCGN gets a 6 out of 10, which indicates that Ocugen is likely to perform in line with market averages. Download the mobile app now, available on iOS and Android.
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