Shares of biopharmaceutical company Ocugen Inc. (NASDAQ: OCGN) surged almost 18.5% in Tuesday’s regular trading session, extending gains to a second straight day.
What Happened: Ocugen’s shares extended their rally on Tuesday after it was reported that an expert panel of India’s drug regulator has recommended Bharat Biotech’s COVID-19 vaccine, Covaxin, for children between the age of two and 18.
Ocugen is partnered with India-based Bharat Biotech for the commercialization of Covaxin in the United States and Canada.
Why It Matters: Ocugen and Bharat Biotech are now looking ahead to the vaccine’s emergency use approval from the World Health Organization (WHO), which is expected any time now.
The WHO approval would enable the vaccine to be administered in low- and middle-income countries under the COVAX facility.
According to Bharat Biotech, Phase 3 trials of Covaxin have demonstrated an efficacy rate of 77.8%. The vaccine was 63% effective against asymptomatic cases and 65% effective in countering the Delta variant of the coronavirus.
The Ocugen 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.
Price Action: Ocugen shares closed almost 18.5% higher in Tuesday’s regular trading session at $9.11 but declined almost 1.9% in the after-hours session to $8.94.
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