Shares of Ocugen Inc. OCGN surged almost 12.3% in Monday’s regular trading session and another 38.5% in the after-hours session in anticipation of a key event taking place Tuesday.
What Happened: Ocugen's shares saw notable gains on Monday ahead of a key meeting on Tuesday of the World Health Organization’s (WHO) technical advisory group on whether to grant emergency use approval for the COVID-19 vaccine of Ocugen’s partner, India-based Bharat Biotech.
“WHO has been working closely with Bharat Biotech to complete the dossier. The technical advisory group will meet on Oct 26th to consider EUL for Covaxin,” WHO Chief Scientist Soumya Swaminathan said on Twitter recently.
Why It Matters: Ocugen is partnered with Bharat Biotech for the commercialization of Covaxin in the United States and Canada.
The WHO approval would enable the vaccine to be administered in low- and middle-income countries under the COVAX facility. It will also enable people inoculated with Covaxin to travel to other countries without restrictions.
According to Bharat Biotech, Phase 3 trials of Covaxin have demonstrated an efficacy rate of 77.8%. The vaccine was 63% effective against asymptomatic cases and 65% effective in countering the Delta variant of the coronavirus.
The Ocugen stock is also seeing high interest from retail investors and is among the most-discussed stocks on Reddit’s r/WallStreetBets forum.
Price Action: Ocugen shares closed 12.3% higher in Monday’s trading at $9.34.
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