On Dec. 1, 2020, Ocugen (NASDAQ: OCGN) had a market cap of just over $55 million. It was a minnow in the biotech world that few investors would have been paying attention to. Today, it’s worth more than $1.5 billion and has been soaring in popularity. The company is often found on the popular WallStreetBets Reddit forum.
What’s gotten investors so excited about a company that makes next to no revenue? Below, I’ll look at what’s behind the company’s soaring popularity and whether you should hop on the bandwagon.