Ocugen (NASDAQ: OCGN) soared into the spotlight -- and its stock soared too -- when it entered the COVID-19 vaccine race two years ago. In fact, the shares climbed about 700% in a matter of days. That's when Ocugen gained the right to sell Bharat Biotech's Covaxin in the U.S. It later added Canadian rights to the deal.

But the U.S. and Canada still haven't authorized Covaxin. And Ocugen shares have lost their luster. Last year, they sank 71%. Now, investors may be wondering if this movement created a big buying opportunity. Or has Ocugen left center stage for good? Let's consider one reason to buy Ocugen in 2023 -- and two reasons to sell.

Ocugen last year expanded its pipeline to include Neocart, a cell therapy candidate for knee cartilage repair it acquired through its reverse merger with Histogenics a few years ago. Histogenics brought Neocart through development, but the potential product failed to meet its primary endpoint in a phase 3 trial. That may not sound too positive.

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Source Fool.com