Ocugen Stock Price Increased 8.5%: Why It Happened

By Amit Chowdhry ● April 7, 2021
  • The stock price of Ocugen (NASDAQ: OCGN) increased 5.5%. This is why it happened.

The stock price of Ocugen (NASDAQ: OCGN) increased 5.5% as it went from a previous close of $6.35 to $6.89. Investors appear to be responding to a Reuters report that Mexico’s health regulator Cofepris authorized the emergency use of COVID-19 vaccine COVAXIN. This was announced by Mexican Foreign Minister Marcelo Ebrard yesterday. 

“Very timely decision by COFEPRIS to authorize the emergency use of the COVAXIN vaccine manufactured in India. The options for vaccination against COVID-19 in Mexico are expanding!!!,” wrote Ebrard on Twitter.

COVAXIN was developed by Bharat Biotech. And Bharat Biotech is Ocugen’s vaccine partner. Ocugen and Bharat Biotech have been working together since December to develop COVAXIN.

Last month, Ocugen signed a deal to sell 100 million doses of a COVID-19 vaccine made by Bharat Biotech in the U.S. later this year.

Ocugen CEO Shankar Musunuri said it was aiming to launch the vaccine in the United States in the second quarter of 2021, initially with imported shots before starting production there.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.