Shares of Ocugen (NASDAQ: OCGN) fell on Tuesday after an analyst sounded a note of caution to investors. As of 1:37 p.m. EST, the biopharmaceutical company’s stock price was down more than 15%.
Chardan analyst Keay Nakae lowered his rating on Ocugen from buy to neutral following the stock’s steep rise in recent months. The biotech’s share price skyrocketed from $0.29 on Dec. 21, 2020, to $15.81 on Feb. 8, 2021, after Ocugen disclosed its plans to potentially bring Bharat Biotech’s coronavirus vaccine candidate, Covaxin, to the U.S.
Essentially, Nakae argued that Ocugen’s stock price had come too far, too fast.
