Skip to main content

Market Overview

Why Ocugen Shares Skyrocketed Today

Why Ocugen Shares Skyrocketed Today

Ocugen Inc (NASDAQ: OCGN) shares soared 42.9% in the regular session and another 11% in the after-hours session on Thursday.

What Happened: The shares surged following positive clinical data announced by a partner of Ocugen and a bullish stance taken by Roth Capital analyst Zegbeh Jallah who has a Buy rating on the stock and a 12-month price target of $10.

Earlier, on Wednesday, Ocugen’s co-development partner Bharat Biotech said that the second interim analysis of Phase 3 of Covaxin, a COVID-19 vaccine candidate, shows it demonstrated 78% efficiency in mild, moderate, and severe disease.

The vaccine is reportedly 100% effective against severe forms of viral illness. 

In a note, Jallah said that Ocugen has sufficient information to support the filing of an Emergency Use Authorization application in the United States.

See also: Best Online Stock Brokers

“If granted, this could lead to a significant revenue generating opportunity for Ocugen,” wrote the analyst.

Jallah said that management has confirmed plans to make Covaxin available in the U.S. 

The vaccine’s initial batches will undergo test and release at a U.S. facility approved by the Food and Drug Administration, as per Jallah.

Meanwhile, Bharat Biotech is ramping up manufacturing to produce 700 million COVID-19 vaccine doses annually.

Earlier in the month, it was reported that Ocugen plans to sell 100 million Covaxin doses in the U.S.

Price Action: Ocugen shares closed 42.92% higher at $9.29 on Thursday and rose another almost 11% to $10.31 in the after-hours trading.


Related Articles (OCGN)

View Comments and Join the Discussion!

Posted-In: Bharat Biotech Covid-19Biotech News Small Cap Movers Trading Ideas General Best of Benzinga

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at