Ocugen Eye Disease Gene Therapy Data Trails Earlier Results, Stocks Falls

Ocugen Inc. (NASDAQ: OCGN) shares fell 11.48% to $1.85 following the release of topline data from its Phase 2 ArMaDa trial of OCU410, an investigational gene therapy for geographic atrophy. The trial showed a 31% reduction in lesion growth for the optimal dose, which is lower than earlier interim results that indicated a 54% reduction. The company plans to initiate a Phase 3 trial in Q3 2026, aiming for three Biologics License Application filings in three years. Analysts maintain a Buy rating for the stock, with an average price target of $7.55.