- Stocks of biotech company Ocugen Inc (NASDAQ:OCGN, OCGN:US) shot up by nearly 24 per cent on Monday, May 3.
- The spike came in the light of a business announcement the firm made during the day.
- In the last one year, OCGN stock skyrocketed by 4567 per cent.
Stocks of biotech company Ocugen Inc (NASDAQ:OCGN, OCGN:US) shot up by nearly 24 per cent on Monday, May 3. The spike came in the light of a business announcement the firm made during the day.
Let’s find out what made the biotech stock jump on Monday.
Ocugen Inc (NASDAQ:OCGN, OCGN:US)
Ocugen Inc said on Monday that it hopes to bring COVID-19 vaccine Covaxin to the US. The Pennsylvanian biopharmaceutical company is developing the shot with Indian company Bharat Biotech.
Ocugen shared the second interim results of its Phase 3 clinical trials, which indicated that Covaxin has a 78 per cent overall efficacy and 100 per cent efficacy in cases of severe COVID-19 disease.
A study conducted by the Indian Council of Medical Research (ICMR) and the National Institute of Virology claims that this vaccine is effective against multiple strains of the coronavirus, including the Brazilian variant (B.1.128.2.), the Indian double mutant variant (B.1.617.) and the UK variant (B.1.1.7.)
Chairperson and CEO of Ocugen Dr Shankar Musunuri said that the company has submitted a drug master file with the United States Food and Drug Administration (FDA) department. It is also preparing an Emergency Use Authorization (EUA) application, he added.
Dr Musunuri also expressed that the ICMR results look “promising”, and that Covaxin can act as a “critical tool” to fight the coronavirus pandemic.
1-year chart of stock performance of Ocugen Inc (Source: Refinitiv/Thomson Reuters)
This year, OCGN stock zoomed by about 757 per cent to outperform the NASDAQ Composite Index, which grew 539 per cent in comparison. In the last one year, the stock skyrocketed by 4567 per cent.
Ocugen’s closing price of US$ 15.68 on Monday was down by 16.5 per cent from its 52-week high of US$ 18.77 (February 8, 2021) and 9123 per cent up from its 52-week low of US$ 0.17 (June 1, 2020).
Last week, on April 28, Ocugen closed a direct offering of 10 million shares (US$ 10 per share) for healthcare-focused institutional investors. The gross proceeds raised amounted to approximately US$ 100 million.
On the financial front, Ocugen’s total assets stood at US$ 27.4 million in 2020.
The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.