Ocugen (NASDAQ:OCGN) stock is falling hard on Friday after the U.S. Food and Drug Administration (FDA) rejected its Emergency Use Authorization (EUA) request for Covaxin.
Covaxin is Ocugen’s Vodi-19 vaccine designed to be used in people ranging from two to 18 years in age. After submitting its EUA request to the FDA, it was rejected by the agency. Ocugen doesn’t state if there’s a reason behind that rejection.
Here’s what the company has to say about the matter in a press release.
“The U.S. Food and Drug Administration (FDA), at this time, has declined to issue an EUA for COVAXIN™ for active immunization to prevent COVID-19 caused by SARS-CoV-2 in individuals 2 to 18 years of age. Ocugen intends to continue working with FDA to evaluate the regulatory pathway for the pediatric use of COVAXIN™.”
With this rejection, it makes sense that OCGN stock is taking a beating today. The company, and its investors, have been betting big on its Covid-19 vaccine getting approval from the FDA.
Alongside news of the rejection comes heavy trading of OCGN stock today. That has some 19 million shares of the stock changing hands as of this writing. For the record, the company’s daily average trading volume is about 13.3 million shares.
OCGN stock is down 19.8% as of Friday morning and is down 44.1% since the start of the year.
Investors looking for more stock market news for Friday are in luck!
We’ve got all the latest stock market coverage that traders need to know about today! A few examples include why Chinese stocks are falling today, what analysts are saying about Costco (NASDAQ:COST) stock, as well as the latest Nio (NYSE:NIO) stock news. You can find out more on these matters at the following links.
More Stock Market News for Friday
- Chinese Stocks: Why BABA, XPEV, LI, JD, BIDU and TCEHY Stocks Are Down Today
- Is COST Stock a Buy After Earnings? 3 Analysts Weigh In on Costco.
- EV News: Why Is NIO Stock Down Today?
On the date of publication, William White 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.
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