Ocugen (NASDAQ:OCGN) stock is continuing to rise higher on Wednesday following news yesterday that it’s helping develop a vaccine for the novel coronavirus.
Yesterday’s news revealed that the company is working alongside Bharat Biotech to bring its coronavirus vaccine to the U.S. This will have OCGN handling development and commercialization in the country. Roth analyst Zegbeh Jallah believes this will be a strong source of funding and revenue for the company.
Adding to the positive Ocugen news on Tuesday, the company also revealed plans to adjourn its annual meeting of shareholders until Jan. 13, 2021. This will allow shareholders of OCGN stock to have more time to vote on its share increase plan. The company was planning to increase shares by 500,000 but a new amendment seeks to lower that to 400,000 shares.
With all this news coming from Ocugen of late, more investors are taking an interest in the company. As a result, more than 202 million shares of the stock changed hands this morning. That’s a major increase over its daily average trading volume of 19.25 million shares.
Keeping all of this in mind, let’s take a deeper dive into Ocugen with a breakdown of the company.
- Ocugen is a biopharmaceutical company with a focus on developing treatments for blindness.
- Its current pipeline includes three treatments for various forms of blindness.
- The first is OCU400 and it’s being developed to treat inherited retinal disorders.
- OCU410 is its treatment for dry age-related macular degeneration and OCU200 is for neovascular disorders.
- All of these treatments are still in the pre-clinical stage but OCU400 is close to reaching Phase 1 trials.
OCGN stock was up 183% as of Wednesday morning and is up 344% since the start of the year.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.