OCGN Stock: Why Ocugen Shares Are Soaring 70% Today

Shares of Ocugen (NASDAQ:OCGN) stock are back on the march this morning on the heels of an announcement by its partner Bharat Biotech. Importantly, Bharat shared that its version of a novel coronavirus vaccine had received emergency-use authorization (EUA).

InvestorPlace readers may recall that OCGN stock surged in the days just before Christmas on news that the two firms would work together, with Ocugen handling development and commercialization of the vaccine.

Bharat’s Covaxin got a green light from India’s drug regulator over the weekend, a move that isn’t without some controversy. Investors should note that the EUA was granted less than two months into the firm’s Phase 3 human trials.

OCGN Stock Holders Could Expand Shares

Last month, news that Ocugen would adjourn its annual meeting of shareholders until Jan. 13, 2021 to allow shareholders to have more time to vote on its share increase plan sent OCGN stock higher. The company was planning to increase shares by 500,000, but a new amendment seeks to reduce that to 400,000 shares.

With this morning’s OCGN stock action, it’s probably worth a refresher on 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.

Vaccine Stocks Remain Frothy

And what about Covid-19? Well, Bharat needed a U.S. partner and Ocugen stepped up. The U.S. pharma also said that the Covaxin vaccine stands out from others on the market, particularly since it targets multiple virus protein antigens.

With the pandemic entering new waves around the world, it is clear that pursuit of Covid-19 vaccines will remain a frothy investor focus for the foreseeable future. This means OCGN stock is still one to watch in the coming weeks.

On the date of publication, Robert Lakin did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

InvestorPlace contributor Robert Lakin is a veteran financial writer and editor, following fintech, agtech and property tech startups.

Article printed from InvestorPlace Media, https://investorplace.com/2021/01/ocgn-stock-why-ocugen-shares-are-soaring-70-today/.

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