After falling as deep as 70% in just two months, Ocugen’s (NASDAQ: OCGN) stock is showing a sign of relief rally on Wednesday.
Today, the stock signals to gap up by 14% as investors cheer the news from its Indian partner Bharat Biotech. This morning, Bharat Biotech announced the COVAXIN capacity expansion to support vaccination campaigns in India and worldwide due to the serious second wave of COVID-19. Bharat Biotech is targeting to reach over 700 million doses per year, which are one of the largest production capacities for inactivated viral vaccines worldwide.
At the time of writing, OCGN stock is up by 12.70% at $6.22. It would be interesting to see if the stock can extend its rally after the open as we have seen severe weakness since February. The stock has already lost over 70% over the past 2 months after hitting a new high of $18.77. Risky traders can keep an eye on OCGN stock as we may see increased volatility today. The stock is trading below its 50-day moving average price of $8.58.
Writing for business and finance publishers has become his passion over the last decades after he completed a master’s degree in Financial Management. Sharing some opinions and forecasts to thousands of readers is a routine job for him but he never promises to invest in one stock.