After having hit a low of almost $5 a share earlier on this week, the Ocugen Inc (NASDAQ:OCGN) stock has managed to mount a big recovery and has gained by another 22% this morning, following an upswing of 38% on Thursday.
The Chief Executive Officer and co-founder of Ocugen, Dr. Shankar Musunuri disclosed the company’s plans of getting an emergency use authorization for its COVID 19 vaccine Covaxin from the United States Food and Drug Administration. The details were revealed in a post on LinkedIn.
Ocugen is a co-developer of Covaxin in the United States. The product has originally been developed by the Indian company Bharat Biotech. In the post, Musunuri stated that the Phase III second interim results of Covaxin were ‘strong’. In this analysis, Covaxin displayed around 78% efficacy in preventing COVID 19 infection.
On the other hand, Zegbeh Jallah of Roth Capital maintained his buy rating on the Ocugen stock yesterday and also reiterated his target price of $10 a share following the strong results in the interim analysis.
OCGN stock has soared 116% in just 3 trading sessions. Keep an eye on the stock this month.
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Anthony Gonzales brings 3 years of experience in helping grassroots, mid-sized organizations and large institutions strengthen their management and resource generating capacities and effectively plan for the future. He is also a mentor and professional advisor to artists working in all disciplines. He is the gold medalist from St. Marco University of Science and Technology in the Bachelors of Financial Management as well.