Ocugen is developing products from two technology platforms. The company has in-licensed Covaxin, a whole-virion vaccine for COVID-19 that has advantages over the the current vaccines in use today. Its gene therapy programs are based on delivering "master control" genes that regulate other genes that function in downstream pathways of disease. Covaxin Has Advantages Over Current Vaccines Covaxin uses a whole-virus technology that stimulates immunity to many regions of the virus. Its clinical trials included over 25,800 patients in Phase 3, with data for patients from ages 12 to 91. The clinical trial data shown efficacy against several new variant strains, included the Delta strain that associated with recent breakthrough cases.Covaxin Has Established Safety, Efficay and Ease of Distribution Covaxin is made using established technology that has been used to make many anti-viral vaccines. The technology has established a record of efficacy and safety. Covaxin has a 2-year shelf life at refrigerated temperatures, making its distribution and storage practical and cost-effective for long-term vaccination programs.Gene Therapy Program Delivers "Master Regulatory Genes" Ocugen's gene therapy platform is based on delivering “master regulatory genes” that control other genes in disease pathways. The target genes act early in signaling pathways to effect disease processes to treat diseases caused by multiple gene mutations or pathways. Three products are in development, with the first clinical trials expected later in 2021.Conclusion and Valuation: We expect OCGN to be driven by milestones toward approval in Canada and the US, and by the start of clinical trials in its gene therapy programs. Our EPS estimate for 2023 of $1.73 is discounted at 30% per year with a multiple of 15X for a price target of $15 per share. Read More >>