Why Ocugen Stock Is Trading 74% Higher Today

Ocugen Inc OCGN shares traded 74.1% higher at $9.14 at press time in the pre-market session on Monday.

The surge comes as the biopharmaceutical company announced the sale of 3 million shares of its common stock in a registered direct offering to healthcare-focused institutional investors.

The offering is priced at $7.65 per share, a premium of 45.7% on Ocugen’s Friday closing price. The company is expected to raise $23 million from the sale.

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Ocugen shares began surging last week over news that the company had executed a definitive agreement with India's Bharat Biotech to commercialize the latter's Covaxin COVID-19 vaccine candidate.

The Pennsylvania-based company also got a ratings upgrade to Buy from HC Wainwright & Co. last week, with a price target of $4.50.