One of today’s surprising movers happens to be vaccine maker Ocugen (NASDAQ:OCGN). Currently, OCGN stock is up nearly 10% today, on a relatively strong day across all indices.
This move indicates that investor interest in this stock remains strong. Ocugen’s Covid-19 vaccine, co-developed with Indian company Bharat Biotech, is one that has generated a lot of interest around OCGN stock in the past. In fact, this has been a Reddit favorite and one potential meme stock that’s been highly volatile as of late. As the vaccination rollout continues to ramp up globally, investors had appeared to largely have lost interest in this stock.
That is, until recently.
Let’s dive into two big reasons why Ocugen is seeing new life today.
OCGN Soaring on Key Catalysts
The first key catalyst that has investors in OCGN stock excited is the potential for this vaccine to be approved in Canada. Health Canada has recently acknowledged that it’s reviewing this vaccine. Should Ocugen get a foothold in the Canadian market, it could be a big boost for Ocugen (Bharat’s U.S. partner) to gain traction in the American market. Thus, there’s a speculative element at play here.
The second, and perhaps more important, catalyst for OCGN stock is the company’s upcoming earnings. Ocugen is slated to report earnings tomorrow, and investors appear to be giddy about this stock. Earnings hit or miss, it appears investors will be scouring the report for any updates on vaccine approvals. Should the company’s Covid-19 candidate be further along in the approval process than what’s previously been announced, it’s possible this stock could pop.
Accordingly, OCGN stock remains a highly speculative pick investors seem to be willing to put some chips on today.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
