Cantor Fitzgerald analyst Kristen Kluska noted that Ocugen was up 62% on 300M shares volume on Friday, February 5, and was up 57% at one point in pre-market trading, which she believes may be due to the company starting to receive more attention for its COVID-19 vaccine, COVAXIN. The analyst, who notes that Ocugen is set to receive 45% of any sales in the U.S. if COVAXIN is approved in this market, recognizes that institutional investors are “paying close attention” to COVID-19 vaccines in development, but also believes Ocugen is now receiving a “significant amount of social media attention” that could also be driving recent volatility in the stock.
Though she believes her estimates updated last week to include COVAXIN are “conservative,” Kluska sees no need to revise her estimates and price target based on the recent volatility, the analyst tells investors. She keeps an Overweight rating and $4 price target on Ocugen shares, which are up $6.81, or 130%, to $12.06 in morning trading.