Ocugen's (OCGN) Q2 Earnings Miss Estimates, Stock Down

Zacks Equity Research
2 min read
0
In this article:

Ocugen, Inc. OCGN is a biopharmaceutical company with focus on developing gene therapies for blindness diseases and vaccine for COVID-19. The company earns revenues from its collaboration partners.

The company has no clinical-stage candidates in its portfolio. It plans to submit an Investigational New Drug application for its gene therapy candidate, OCU400, in the second half of this year. Meanwhile, Ocugen and India-based Bharat Biotech entered into a definitive agreement in February 2021 to co-develop, supply and commercialize Bharat Biotech’s COVAXIN, an advanced-stage whole-virion inactivated COVID-19 vaccine candidate, for the U.S. market.

Ocugen’s performance has been dismal so far, with the company’s earnings missing expectations in three of the trailing four quarters. Overall, the company has delivered an average negative surprise of 297.11%.

Currently, Ocugen has a Zacks Rank #4 (Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:

Earnings Miss: Ocugen incurred loss of 13 cents per share in the second quarter of 2021, narrower than the loss of 19 cents in the year-ago quarter. The Zacks Consensus Estimates was pegged at a loss of 3 cents per share.

Revenues In Line: With no approved products, the company did not report any revenues during the second quarter, in line with the Zacks Consensus Estimate.

Key Stats: Research and development expenses were $18.9 million compared to $1.6 million in the year-ago quarter. General and administrative expenses were $6.8 million, up 279% from year-ago period.

Share Price Impact: Shares were down 1.2% in pre-market trading.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Ocugen, Inc. (OCGN) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research

Advertisement

Recommended Stories