Ocugen, Inc., (NASDAQ: OCGN) stock was streaming low in the premarket session as it dropped -10.12% to 2.93. It seems that Company shares are giving back some of their massive gains from last night’s close in the premarket.
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Last night surge came after Ocugen, Inc., (NASDAQ: OCGN)a global leader in vaccine innovation, and Bharat Biotech announced they entered into a definitive agreement to develop, manufacture, distribute, and commercialize COVAXIN, a whole-virion inactivated vaccine candidate, globally.
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According to the agreement, Ocugen will be responsible for developing and securing U.S. approval for the vaccine candidate and commercializing the vaccine.
After Ocugen receives a EUA, Bharat Biotech will furnish initial doses to be used in the U.S. Further, Bharat Biotech will facilitate the technology transfer required for manufacturing in the U.S. Ocugen will receive a 45% share of profits from the sale of COVAXIN in the U.S. market, considering the exclusive license to that market.
The collaboration will take advantage of Ocugen’s Team vaccine expertise. The vaccine scientific advisory board of Ocugen and its management have begun discussions with the U.S. Food & Drug Administration (FDA) and the Biomedical Advanced Research and Development Authority (BARDA) to develop COVAXIN in the U.S. market. Also discussed is the production of a significant number of doses of COVAXIN in the U.S. to support Ocugen’sU.S. immunization program.
The history of low and high prices in the past 52 consecutive weeks can provide a lot of information about a stock’s current status and its future performance. Ocugen shares are currently outperforming their 52-week high by -6.76% and beating their 52-week low by 1817.65%. For the 52 weeks, the stock price ranged between $0.17 and $3.50.