Ocugen (NASDAQ:OCGN) stock is soaring higher on Monday after announcing positive data concerning its Covaxin vaccine candidate for the novel coronavirus.
According to a press release from Ocugen, the Indian Council of Medical Research (ICMR)-National Institute of Virology found the vaccine to be potentially effective against the Brazil B.1.128.2. variant of the coronavirus.
It’s worth pointing out at this point that the vaccine has shown itself to be effective against multiple strains of the coronavirus. That includes the U.K. variant and the Indian double mutant variant. Adding to that, the Brazil variant contains mutations similar to the New York variant of the virus.
Dr. Shankar Musunuri, chairman, CEO, and co-founder of Ocugen, said this in the news release boosting OCGN stock higher.
“COVAXIN continues to show strong results in all the studies conducted to date. We continue to believe this vaccine is a critical tool to include in our national arsenal to fight this pandemic. The Ocugen team submitted a comprehensive drug master file with the FDA and is currently diligently preparing the EUA application.”
Covaxin continues to see strong development as its clinical trial results come in. The most recent of these include Phase III interim results that showed 78% effectiveness against coronavirus and 100% effectiveness in severe cases.
Covaxin is a highly purified and inactivated vaccine that uses a vero cell manufacturing platform. It’s able to generate memory T cell responses, which shows potential for g longevity and rapid antibody responses to future infections.
Today’s news has OCGN stock seeing heavy amounts of trading. As of this writing, more than 127 million shares of the stock have changed hands. For perspective, the stock’s daily average trading volume is 75 million shares.
OCGN stock was up 16.7% Monday morning and is up 381.1% since the start of the year.
Of course, there’s plenty of other coronavirus news that investors should be aware of.
Some of that news still includes Ocugen, but there are other companies to take note of. That includes Bionano Genomics (NASDAQ:BNGO) and Novavax (NASDAQ:NVAX). Investors can learn more about the latest news at the links below.
More Coronavirus News
- If You Have Ocugen Stock, Now’s the Time to Take Profits
- Don’t Confuse Bionano Genomics As an Investment Right Now
- NVAX Stock: The Big Covid-19 Vaccine News Lifting Novavax Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.