Ocugen (NASDAQ:OCGN) stock taking a beating on Friday following the release of the biopharmaceutical company’s earnings report for the first quarter of 2021.
The bad news for OCGN stock starts off with adjusted losses per share of 4 cents. That’s a massive blow to the company compared to Wall Street’s adjusted earnings per share estimate of 50 cents for the quarter. However, it’s still better than the adjusted losses per share of 7 cents from the same time last year.
Next up we have to talk about Ocugen’s Q1 2021 revenue. Namely, the fact that there was none due to it having no approved products. Despite this, analysts were expecting the company to report revenue of $156.16 million during the period.
Another figure worth noting from the most recent Ocugen earnings report includes research and development costs increasing from $1.7 million in Q1 2020 to $2.9 million in the current quarter. General expenses in Q1 were $4.2 million compared to $2.3 million in the same quarter of the prior year.
Dr. Shankar Musunuri, chairman, CEO and co-founder of Ocugen, said the following in the earnings report.
“We continue to make progress toward Emergency Use Authorization for COVAXIN while also considering clinical development in special populations, such as children, as well as booster doses.”
It’s worth pointing out that OCGN stock was falling ahead of the company’s Q1 earnings. This came after talk of insider selling lowered morale among investors. It also didn’t help that the company reported surprise misses in three of its most recent four quarters.
OCGN stock was down 11.8% as of Friday afternoon. However, the shares are still up 175.1% since the start of the year.
Ocugen is far from the only company releasing earnings lately.
Several others are also posting results for the first quarter of the year. Some examples of these include Plug Power (NASDAQ:PLUG), Sundial Growers (NASDAQ:SNDL), and Nio (NYSE:NIO). Get up to speed on them below.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.
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