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Why Did Ocugen Stock Skyrocket On Monday?

Shares of biopharmaceutical company Ocugen Inc. (NASDAQ: OCGN) surged almost 8.8% in Monday’s regular trading session and also gained 11.4% in the after-hours session.

What Happened: Ocugen’s shares rallied on Monday despite no company-specific news. The stock could have gained amid some positive news related to its COVID-19 vaccine partner, India-based Bharat Biotech.

The stock is also seeing high interest from retail investors and is the eighth-most discussed stock on Reddit’s r/WallStreetBets forum as of Monday night, as per data from Quiver Quantitative.

The World Health Organization (WHO) is likely to soon approve Bharat Biotech’s COVID-19 vaccine, Covaxin, for emergency use, according to a report by India Today.

Meanwhile, a report by News18 said that a subject expert committee of India’s national regulatory body for pharmaceuticals and medical devices would decide on Bharat Biotech’s pediatric COVID-19 vaccine later on Monday.

Bharat Biotech will also produce part of the world’s only malaria vaccine developed by pharma major GlaxoSmithKline plc (NYSE: GSK) and recently approved by the WHO, as per a report by the Hindustan Times.

Price Action: Ocugen’s shares closed 8.8% higher in Monday’s regular trading session at $7.69 and further rose 11.4% in the after-hours session to $8.57.

Read Next: AstraZeneca’s COVID-19 Therapy Hits Goal In Phase 3 Trial

© 2021 Benzinga does not provide investment advice. All rights reserved.

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