Shares of Ocugen (NASDAQ:OCGN) shares increased by 5% today. after the company published positive results regarding the booster dose of Covaxin, its partner Bharat Biotech has evolved.
So what do you need to know?
V news releaseOcugen said people who received a booster dose of Covaxin experienced significant immune responses, which increased the potential of the vaccine candidate to help manage the global pandemic and new versions of Covid-19.
Applicants are likely to know that Covaxin has not yet been approved by regulators in the United States or Canada. However, the latest positive results raise hopes that Ocugen’s could receive approval for emergency use from the U.S. Food and Drug Administration (FDA).
What happened to the OCGN stockpile
Ocugen said in a press release that his Indian partner Bharat Biotech had achieved positive results from a phase 2 clinical trial of Covaxin, which was aimed at people aged 12 to 64. The study participants received a booster dose of Covaxin six months after receiving the second dose, and the booster dose was found to be very effective in reducing severity and duration symptoms of Covid-19. In addition, participants did not report any serious adverse events such as hospitalization or death.
“This incentive data provides critical information on how Covaxin can be used in the ongoing battle against COVID-19. We are encouraged by these results, which continue to show that Covaxin remains an important candidate for a broad-spectrum vaccine with persistence, “said Dr. in a press release. Shankar Musunuri, President and Co-Founder of Ocugen.
Why it matters
Ocugen and his stock have been having fun for the past year. Ocugen’s share price has risen 63% in the past year and has fallen 42% in the past six months as Covaxin’s approval in North America has been delayed several times. Regulators have approved the vaccine in India and hopefully Covaxin will soon an opportunity for many other nations around the world.
Prior to the pandemic, Ocugen specialized in treating eye diseases that cause blindness. The company twisted heavily and focused on the Covid-19 vaccine when the pandemic hit, and worked with Bharat Biotech on Covaxin. Ocugen said he hopes Covaxin will help treat new variants and strains of Covid-19.
What’s next for Ocugen
As usual, OCGN shares will move today according to news related to its candidate for Covid-19. The good news for shareholders is that today’s move seems to raise the share price instead of lower. How long the stock will remain elevated will depend on the successful outcome of Covaxin approval in Canada and in the US in particular.
On the day of the publication of Joel Baglole did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.