- NASDAQ:OCGN fell by 3.86% on Wednesday as its rocky week of trading continued.
- Ocugen obtained rights to sell a COVID-19 vaccine candidate in the United States.
- Covaxin is already available in India, where the COVID-19 vaccine has taken a turn for the worse.
NASDAQ:OCGN has had an incredible run since December of 2020 when it was trading for mere pennies as a speculative biotech company. Fast forward to April and shares have grown by over 3,000% making it a thirty-bagger in only four months. On Wednesday, Ocugen’s turbulent week continued as the stock dropped by 3.86% to close the trading day at $11.21, after trading as high as $13.65 last Friday. To take advantage of its elevated stock price, Ocugen announced the closing of a $100 million registered direct offering in order to raise further capital for the company.
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Ocugen officially obtained the rights to sell the COVID-19 vaccine, Covaxin, in the United States. To be clear, Ocugen does not actually produce Covaxin, but it owns the rights to sell it. The vaccine is actually produced by Indian company Bharat Biotech which has partnered with Ocugen to facilitate sales in the U.S. market. Covaxin still needs to receive EUA or Emergency Use Authorization from the FDA, before it can officially begin to sell the vaccine. The U.S. has had one of the most efficient vaccine rollouts in the world and investors have to wonder if Covaxin is late to the game as Pfizer (NYSE:PFE), Moderna (NASDAQ:MRNA), and Johnson & Johnson (NYSE:JNJ) have dominated so far.
OCGN Stock news
The clinical studies for Covaxin were conducted in India and had an impressive 100% efficacy against severe COVID-19 cases. While the initial round of vaccinations have largely been spoken for, there has been discussion about the COVID-19 vaccination becoming an annual dose, which could open the door for companies like Ocugen to have future opportunities.
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