Shares of Ocugen (NASDAQ:OCGN) are on the move once again. Today, OCGN stock is up more than 20% on some pretty bullish news. Investors appear to be enamored with this Covid-19 play more than ever now.
Here are the three key drivers of this stock’s recent outperformance investors should be aware of.
Ocugen’s Vaccine Granted Emergency-Use Authorization
Today, the Indian government announced it will grant restricted emergency-use authorization for the Covid-19 vaccine COVAXIN. This vaccine is from Bharat Biotech, the Indian partner of U.S.-based Ocugen.
This authorization allows COVAXIN the same licensure status as other vaccines currently in use. Additionally, the company will be able to remove “clinical trial mode” language. This removes the need for informed consent by recipients. Indeed, it’s expected this move could boost vaccination numbers for this vaccine. This is because recipients may be more willing to take this vaccine with the cloud of uncertainty pertaining to the clinical trial gone.
Results for COVAXIN Vaccine Boosting OCGN Stock
Recent news reported by The Lancet that the Ocugen-Bharat COVAXIN vaccine showed “high levels of antibody response and no serious side effects in a Phase 2 study” has been highly bullish for this stock. Additionally, an interim analysis shows this vaccine has demonstrated 81% efficacy in preventing symptoms from the virus. Like other major shots, this is a dual-dose option. However, the fact this drug can be stored at 36-46 degrees is very beneficial for mass distribution.
Ocugen will be looking to commercialize this vaccine in the U.S. should approval be received. With India’s Prime Minister receiving his first dose of the COVAXIN vaccine, expectations are bullish on Ocugen’s potential U.S. rollout.
Potential for Increased Funding Bullish for COVAXIN
News that the Quad group of countries are planning to announce financing to support increased manufacturing of Covid-19 vaccines in India is another bullish catalyst for OCGN stock today.
This news piece centers on funding for Novavax (NASDAQ:NVAX) and the AstraZeneca (NASDAQ:AZN) shot. However, with COVAXIN receiving regulatory approval in India, this drug could be in the mix for increased funding.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article.