Why Are Ocugen Shares Surging On Monday?

According to sources, the World Health Organization (WHO) is likely to grant India's COVID-19 vaccine, Covaxin, for an emergency use listing (EUL) this week. Ocugen Inc OCGN is the U.S. partner for the vaccine.
Read Next: Ocugen initiated a rolling submission of its regulatory application for Covaxin In Canada
Covaxin, manufactured by Hyderabad-based Bharat Biotech and the Indian Council of Medical Research (ICMR), has been on the pipeline for approval since July.
"All documents required for EUL of Covaxin have been submitted to WHO as of July 9. The review process has now commenced with the expectation that we will receive EUL from WHO at the earliest," Dr. Krishna Ella, chairman and managing director of Bharat Biotech, had said on Twitter.
After receiving Bharat Biotech's documentation, WHO chief scientist Dr. Soumya Swaminathan had said that the final approval would be granted in four to six weeks.
Covaxin was found to be nearly 77.8% effective against symptomatic COVID-19 cases in final Phase 3 trials. The vaccine was 63% effective against asymptomatic cases and 65% effective in countering the Delta variant.
Related Content: Ocugen-Partnered COVID-19 Vaccine Shows Effectiveness Against Multiple Variants.
Swaminathan had remarked that the third phase trial results of Covaxin "looks good" and meets the safety profile of the international public health agency so far.
Read Next: If You Invested $1,000 In Ocugen Stock One Year Ago, Here's How Much You'd Have Now.
Price Action: OCGN shares are up 17.50% at $8.40 during the market session on the last check Monday.
Image by Wilfried Pohnke from Pixabay

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