Ocugen Inc. May Not Leave Downward Trajectory Despite FDA Approval

• The FDA approval for OCU400 can be life-saving for pediatric patients.
• Ocugen Inc. shares gained over 2% yesterday, April 07.

The wonders of the biotechnology market are becoming the pillars of medical sciences. Companies in the sector are making moves to deliver innovative solutions to people across the globe. Several company stocks associated with this sector have languished according to Bloomberg after a dismal quarter of clinical results.

The Company Got Approval For a Life-Saving Therapy

Ocugen Inc. (NASDAQ: OCGN), a biotech company, has been on a bear trail since August 2022. OCGN stock price performed well in yesterday’s market, gaining 2.73% since the previous close. The organization has recently got approval for OCU400, a gene-agnostic modifier therapy, from the US Food and Drug Administration (FDA).

The technology can potentially be a revolutionary innovation for pediatric patients suffering from Leber Congenital Amaurosis (LCA) and Retinitis Pigmentosa (RP). The therapy may address a legion of retinal maladies stemming from mutations in multiple genes.

The biotech industry has provided people with some mind-bending and life-saving solutions. Recently, experts in the sector came up with microbots to fight Cancer cells. This leads an operator to steer the particles using a magnet to direct them towards a tumor. Therefore, cutting-edge technologies like this can render malignancy curable.

The sector is expected to become a $1.6 Trillion market by 2030. The industry has multiple arms including bio-informatics, bio-agri, and more. Data shows that bio-pharma generates nearly 40% of global drug sales in the biotech space. Moreover, government initiatives, rising demand for agro products, tech innovations and more remain the market drivers which can make or break the line.

OCGN Stock Price Analysis

Ocugen Inc. shares are projecting a downward trajectory since Q3 2022. The company has lost over 70% valuation between August 2022 to this date, leaving a long bearish flag on the chart. The regression channel shows the price has remained in the buyers’ stratum since March.

The Rate of Change (ROC) shows the price has dropped below the oversold zone, indicating a potential decline. The Average True Range (ATR) highlights decreased volatility in value, however, the downtrend is likely considering the historical momentum.

Furthermore, the price is currently moving close to the lowest fibonacci support, again, an uptrend is unlikely. Nonetheless, a rebound will lead company shares to test $1.26 as a resistance level. Currently, OCGN stock was trading at a market price of $0.7835 at the publication time.

Biotechnology is revolutionizing the healthcare market, from antibiotics to RNAi, the state-of-the-art technologies have made a positive impact considering their life-saving potential. Moreover, the segment is also contributing to enhancing food and drug quality globally.

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Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.