Why Ocugen Shares Are Rising

Ocugen Inc OCGN shares are trading higher by 23.8% at $4.28 Tuesday morning after the company announced the FDA lifted its clinical hold on the company's COVID-19 vaccine study in the US.

"We are pleased to be able to move our clinical program for Covaxin forward, which we hope will bring us closer to offering an alternative Covid-19 vaccine," said Dr. Shankar Musunuri, CEO of Ocugen. "We firmly believe that managing this pandemic requires more than one approach to vaccines, so we are heartened to be able to continue developing our vaccine candidate."

Ocugen will also discuss its fourth-quarter and full-year 2021 financial results and provide a business update at 8:30 a.m. ET on Friday, February 25.

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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.

Ocugen has a 52-week high of $17.65 and a 52-week low of $2.87.