OCGN Stock: The Big COVAXIN News That Prompted 40% Gains in Ocugen

As Covid-19 vaccinations ramp up in the U.S. this spring, the stakes of the race to get the next vaccine out are inching higher. Pfizer (NYSE:PFE) and Moderna (NASDAQ:MRNA) are at the head of the pack. And now, with Johnson & Johnson (NYSE:JNJ) faltering in its rollout, the window is open for another new player to step in. Many investors are betting that player will be Ocugen (NASDAQ:OCGN), and OCGN stock is already surging upward as a result.

A hand holding a Covid-19 vaccine vial and a needle.

Source: Shutterstock

Ocugen is getting ready for it U.S. vaccine rollout, especially as Johnson & Johnson limps along. J&J has been hit with a couple tough blows this month. A factory error ruined a batch of ingredients for the vaccine, and production has been vastly slowed. On top of that, the newly reported blood-clotting issues that have affected a small pool of recipients has lead to a pause of the vaccine’s administration in the U.S.

Investors should pay attention as a federal advisory committee meets today to discuss the J&J shot. However, regardless of that outcome, OCGN stock is climbing on Friday.

CEO’s Vaccine Post Lifts OCGN Stock

So where do things stand with Ocugen? The company has benefitted from a series of gains this week as testing continues around COVAXIN. Development partner Bharat Biotech has reported, in the most recent rounds of testing, an efficacy rate of 78% in the vaccine.

Following the news is a LinkedIn post from Ocugen CEO Shankar Musunuri. In the post, Musunuri announced that Ocugen is going forward with applying for emergency-use authorization with the FDA. The process, largely expedited as a result of the pandemic, would make COVAXIN the fourth vaccination option in the U.S.

The news is a big deal for OCGN stock investors. The stock has seen a number up upswings through the week, including a gain of over 40% yesterday. FDA approval will likely be a catalyst for future gains.

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

Article printed from InvestorPlace Media, https://investorplace.com/2021/04/ocgn-stock-the-big-covaxin-news-that-prompted-40-gains-in-ocugen/.

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