- The stock price of Ocugen (NASDAQ: OCGN) increased by over 3% pre-market. This is why it happened.
The stock price of Ocugen increased by over 3% pre-market. This appears to be a continuation in momentum based on news from earlier this week that Mexico’s health regulator Cofepris authorized the emergency use of COVID-19 vaccine COVAXIN. This was announced by Mexican Foreign Minister Marcelo Ebrard.
“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 via Reuters.
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.
And 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.
It’s also worth mentioning that Jim Cramer, founder of TheStreet.com and a CNBC personality, noted that Ocugen is a “good speculative stock” during the “Mad Money Lightning Round” on Tuesday evening.
Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.