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.
Source Fool.com