Biotechnology play Ocugen (NASDAQ:OCGN) stock is having a gainful start to the day, thanks to chatter surrounding a Wednesday morning conference call.
Ocugen, a U.S.-based company that develops gene therapies to cure blindness, has recently readjusted its focus. In the last several months, the company has not only continued its gene therapy treatments, but it also has joined the Covid-19 vaccine race.
Teaming up with biopharma companies around the world, Ocugen has been a favorite bet among investors who are clamoring to find the next Pfizer (NYSE:PFE). Its partnership with Bharat Biotech is especially exciting to investors as the Indian biopharma outfit’s COVAXIN vaccine begins rollout.
The COVAXIN vaccine is exciting for a couple reasons. Firstly, it is largely effective. The vaccine has an 81% efficacy rate, and has shown promise in treating patients across most age groups, from age 12 through elderly patients. Secondly, COVAXIN elicits immune responses that fight both S and N virus proteins, something no other vaccine does. Also, since the COVAXIN vaccine is an inactive virus treatment, it has a stable shelf life and will be easily transportable after FDA approval.
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COVAXIN is already in use in India’s mass vaccination effort. To bring it to the U.S. would be both highly beneficial in the country’s own vaccination efforts, but also profitable for OCGN stock. In fact, the company has announced it will be receiving 45% of all profits the vaccine generates in the U.S.
While AstraZeneca (NASDAQ:AZN) continues to fumble on its vaccine rollout, some investors believe Ocugen has an opening to be the next big vaccine. The company is in the process of filing for emergency-use authorization in the U.S. All of this great news is sending OCGN stock up, with a current intraday gain of 5% today.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.