A single research report from Lucid Capital sent Ocugen shares skyrocketing on Tuesday, with the biopharmaceutical company experiencing a dramatic 12% price surge following the firm’s bullish initiation. The sudden investor enthusiasm reflects growing confidence in Ocugen’s pipeline, particularly its lead therapeutic candidate.
Lucid Capital Sets Aggressive Revenue Target
Market strategist Elemer Piros at Lucid Capital established coverage of Ocugen with a “Buy” recommendation, focusing primarily on the company’s flagship drug candidate OCU400. This therapeutic targets Retinitis Pigmentosa, a progressive eye disease that can result in complete vision loss.
Piros projected that OCU400 could achieve peak sales reaching $3.2 billion by 2032. This optimistic assessment triggered exceptionally heavy trading activity, with volume nearly doubling the daily average—clear evidence of heightened investor attention.
Should investors sell immediately? Or is it worth buying Ocugen?
Strategic Positioning Ahead of Key Catalysts
The timing of this analyst coverage appears strategically significant, coinciding with Ocugen’s approach toward several crucial clinical development milestones:
- The “liMeliGhT” Phase 3 trial for OCU400 in Retinitis Pigmentosa is currently underway
- Regulatory submissions (BLA) are anticipated during 2026
- For OCU410ST targeting Stargardt disease, the pivotal Phase 2/3 trial commenced in July
Adding to the positive developments, Ocugen recently strengthened its international position through a licensing agreement with Kwangdong Pharmaceutical. The September arrangement secured South Korean marketing rights for OCU400, including $7.5 million in upfront payments and 25% royalty provisions.
Critical Data Readout Approaching
The true validation of Ocugen’s ambitious valuation rests on upcoming clinical results. Before the conclusion of the fourth quarter in 2025, the company plans to disclose 12-month data from its OCU400 Phase 3 study. These findings will prove decisive in determining whether the billion-dollar revenue projections represent achievable targets or remain speculative in the highly competitive biotechnology sector.
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