OCGN Stock Alert: Why Is Ocugen Soaring 10% Today?

As the new year progresses, the prevalence of Covid-19 has shown no signs of slowing down. Cases within the U.S. are currently at an all-time high. Meanwhile, vaccine makers are scrambling to find a solution to the dominant omicron variant. Yesterday, there were more than 765,000 new cases of coronavirus. However, upbeat news from vaccine player Ocugen (NASDAQ:OCGN) is offering some hope. On news of some promising vaccine results, OCGN stock soared more than 10% this morning. Since then, it has cooled off somewhat, currently trading up about 3% at the time of writing.

Smartphone with logo of US biopharmaceutical company Ocugen Inc (OCGN) on screen in front of website Focus on left of phone display
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The News Sending OCGN Stock Soaring

Today, Ocugen announced the results from its Covaxin coronavirus candidate study conducted at Emory University. The study found that subjects who received a booster dose of Covaxin six months after getting an initial two-dose series had a strong antibody response. This response worked against both the omicron and delta variants. Additionally, 100% of test serum samples showed neutralization of the delta variant.  More than 90% of serum samples demonstrated neutralization of the omicron variant. Earlier studies with Covaxin showed that the vaccine demonstrated neutralizing potential against the alpha, beta, zeta and kappa variants.

Furthermore, sera samples taken from individuals who received a booster dose of Covaxin were observed to be effective against the omicron and delta variants on a live virus neutralization assay. Bharat Biotech sponsored the study by providing sera of the subjects. Additionally, Covaxin’s boosted sera neutralization efficiency was comparable to what has been observed in “mRNA vaccine-boosted sera against the omicron variant.”

Bharat Biotech Chairman and Managing Director Dr. Krishna Ella spoke positively about the results. She said:

“The positive neutralization responses against the Omicron and Delta variants, validates our hypothesis of a multi epitope vaccine generating both humoral and cell mediated immune responses. Our goals of developing a global vaccine against COVID-19 have been achieved with the use of COVAXIN™ as a universal vaccine for adults and children.”

Details on Ocugen’s Covaxin Vaccine

Covaxin is a liquid vaccine that carries a shelf life of 12 months when stored at proper temperatures. The vaccine is unique in that both adults and children can receive the same dosage.

While the vaccine does not yet have approval in the U.S., the Food and Drug Administration (FDA) is currently reviewing Covaxin for emergency use authorization (EUA). Outside the U.S., more than 20 countries have authorized the vaccine for emergency use. Additionally, more than 60 other countries are in the process of authorizing Covaxin for EUA.

Recently, the World Health Organization (WHO) lent Covaxin some credibility. The organization added the vaccine to its list of vaccines authorized for emergency use. Overall, more than 180 million doses have been administered to adults and children outside the U.S.

On the date of publication, Eddie Pan did not hold (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.

Article printed from InvestorPlace Media, https://investorplace.com/2022/01/ocgn-stock-alert-why-is-ocugen-soaring-10-today/.

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