After a steep rise in the past few sessions, Ocugen Inc (NASDAQ:OCGN) stock is consolidating within a narrow range.
OCGN stock started its uptrend on April 21 and went up as much as 150% in the next trading session to hit a monthly high of $13.65. However, the stock pulled back from a high of $13.65 to as low as $8.70 on April 23rd after the company priced its $100 million stock offering at $10 a share.
However, after falling below $9, the stock bounced back nicely and now trading just over $11. Although the stock has shown high volatility last week, right now the stock is in a very nice consolidation mode.
The recent rally was boosted by news that the company’s Indian partner revealed an encouraging phase 3 clinical trial of the Covaxin vaccine by Bharat Biotech.
Most notably, the vaccine demonstrated 100% efficacy against severe COVID-19. Moreover, Covaxin’s efficacy against mild, moderate, and severe COVID-19 was 78%.
Technically, the stock may be setting up for another round of rally as it’s trading well above 50-day and 200-day moving average of $8.38 and $3.07.
So considering the support level of $8.38, OCGN stock may see a gradual uptrend in the coming sessions.