Why is Ocugen (OCGN) the Most Volatile Biotech Stock This Week?

Ocugen Inc (NASDAQ: OCGN) has been in focus among investors ever since it partnered with Bharat Biotech for the distribution of the coronavirus vaccine Covaxin.

On Wednesday, the stock was on a rollercoaster ride as it soared by as high as 30% at the beginning of the day due to a major announcement, however, gave up those gains soon. The OCGN stock ended the day with gains of 8.5% in the end. It is necessary to note in this regard that the stock has tanked by as low as 65% from its highest level in 52 weeks.

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Yesterday, it emerged that the health regulatory body in Mexico, Cofepris, approved Covaxin as one of the coronavirus vaccines. It goes without saying that it is a major development for Ocugen and opens up a massive new market for the product that it is distributing. The partnership to distribute Covaxin has been the main reason behind the remarkable rally in the OCGN stock in recent times.

Asan Abdiev

CEO and Editor in Chief. Living in the era of dynamic tech change Asan decided to stay tuned in changes that make any person find comfort and adapt to new devices. Furthermore, gaming became his passion for spending leisure time with his close ones. Although, he has a degree in Business Administration (majoring Finance) writing for technology and as well as finance has been one of the precious aspects of his life