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.
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.