Why Ocugen Shares Are Getting Hammered Today

Ocugen Inc OCGN shares were trading 22.18% lower off the open Thursday at $7.24 after the company announced it will pursue a biologics license application path for its COVID-19 vaccine instead of emergency use authorization. 

Ocugen announced via press release Thursday that the FDA recommended that Ocugen pursue the biologics submission instead of an emergency use application for its vaccine candidate and requested additional information and data.

Ocugen said it is in discussions with the FDA to understand the additional information required to support a biologics submission.

Ocugen is a clinical-stage biopharmaceutical company. It is focused on discovering, developing and commercializing a pipeline of innovative therapies that address rare and underserved eye diseases.