What's Going On With Ocugen (OCGN) Stock Today?

Ocugen Inc OCGN shares are trading 1.6% higher in the pre-market session on Wednesday amid high social media interest.

The company's shares had closed nearly 2% lower at $8.46 in the regular session, the day prior.

Ocugen is the top-trending stock on Stocktwits at press time and also seeing high interest on Reddit and Twitter.

The company entered into a definitive agreement in February with India’s Bharat Biotech to co-develop, supply, and commercialize the latter’s Covaxin whole-virion inactivated COVID-19 vaccine in the United States.

Brazil's government announced Wednesday it was suspending the contract to purchase 20 million Covaxin doses in the aftermath of allegations of corruption in the deal, Indian daily The News Minute reported.

The Ocugen partner had earlier in the day said that it had secured emergency use authorizations in over 16 countries including Brazil, India, and Mexico, as per Indian news agency ANI, and another 50 EUAs were in process globally.

Brazil was to be supplied the Covaxin vaccine at $5 per dose under the agreement. Covaxin pricing is otherwise set between $15 to $20 per dose for supplies to governments other than India.

Bharat Biotech had said "step-by-step approach" was followed "towards contracts, &regulatory approvals, during 8-month-long process" in securing the deal with Brazil, adding — as of Tuesday — it hadn't "received any advance payments nor supplied vaccines to Brazil."

In other news, Ocugen earlier this month selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner for Covaxin in the U.S. and Canadian markets.

Read Next: Novavax COVID-19 Vaccine Could Become Available In India By September, Says Partner