Roth boosts Ocugen target after partnered vaccine shows 'broad' efficacy

Roth Capital analyst Zegbeh Jallah raised the firm's price target on Ocugen to $10 from $9 and keeps a Buy rating on the shares after the company's partner Bharat announced interim Phase 3 study results for its traditional Covid vaccine. Covaxin was reported to be safe and well tolerated, with a "competitive" 81% efficacy, Jallah tells investors in a research note. The analyst believes Covaxin's "broad" efficacy coupled with its more convenient storage requirements increases the odds of a U.S.-granted Emergency Use Authorization. Based on the license agreement, Ocugen could receive 45% of U.S. profits, Jallah points out.