In after-market trading hours on Wednesday, Ocugen Inc. (NASDAQ: OCGN) increased 7.85% in value to $7.01. A price range of $5.83 to $6.76 created volatility in Ocugen stock price during the last trading session. A total of 126.63 million shares of OCGN stock were traded, which is above the daily average of 65.13 million shares over the last 100 days. OCGN stock surged after its Indian affiliate reported encouraging results.
What was the finding?
The biopharma company Ocugen develops and commercializes gene therapies to treat blindness diseases, as well as vaccines for COVID-19. OCGN’s breakthrough gene therapy platform has the capability to treat multiple retinal diseases using a single drug – which is “one to many”. Many OCGN’s efforts are geared towards improving treatment for neglected diseases such as diabetic macular edema and wet age-related macular degeneration. Bharat Biotech’s COVAXIN vaccine candidate for COVID-19 is being developed by OCGN in the U.S. market.
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Bharat Biotech, Ocugen’s co-development partner, announced yesterday that they had been able to share positive interim results from the second analysis of their Phase 3 study of COVAXIN, a whole virion vaccine. In mild, moderate, and severe COVID-19 disease, COVAXIN demonstrated a vaccine efficacy of 78% while its efficacy against severe COVID-19 disease alone was 100%.
Based on efficacy data to date, COVAXIN can positively impact the course of this pandemic by preventing hospitalizations due to severe COVID-19 infections as well as significantly limiting the spread of asymptomatic COVID-19 infections. A subgroup of about 8,000 participants assigned to the clinical study for monthly RT-PCR tests demonstrated 70% efficacy against asymptomatic COVID-19 infection.