Why Did Ocugen Stock Skyrocket On Monday?

Shares of biopharmaceutical company Ocugen Inc. OCGN surged almost 8.8% in Monday’s regular trading session and also gained 11.4% in the after-hours session.

What Happened: Ocugen’s shares rallied on Monday despite no company-specific news. The stock could have gained amid some positive news related to its COVID-19 vaccine partner, India-based Bharat Biotech.

The stock is also seeing high interest from retail investors and is the eighth-most discussed stock on Reddit’s r/WallStreetBets forum as of Monday night, as per data from Quiver Quantitative.

The World Health Organization (WHO) is likely to soon approve Bharat Biotech’s COVID-19 vaccine, Covaxin, for emergency use, according to a report by India Today.

Meanwhile, a report by News18 said that a subject expert committee of India’s national regulatory body for pharmaceuticals and medical devices would decide on Bharat Biotech’s pediatric COVID-19 vaccine later on Monday.

Bharat Biotech will also produce part of the world’s only malaria vaccine developed by pharma major GlaxoSmithKline plc GSK and recently approved by the WHO, as per a report by the Hindustan Times.

Price Action: Ocugen’s shares closed 8.8% higher in Monday’s regular trading session at $7.69 and further rose 11.4% in the after-hours session to $8.57.

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