Home Top Movers Shares of Ocugen Inc. (OCGN) plunged in Premarket. Why did it happen?

Shares of Ocugen Inc. (OCGN) plunged in Premarket. Why did it happen?

Ocugen, Inc. (NASDAQ: OCGN), a biopharmaceutical company specializing in production and commercialization of gene therapies to cure eye diseases and developing a vaccine for COVID-19, announced that Research professionals at Indian Council of Medical Research (ICMR)-National Institute of Virologyfound that COVAXIN could potentially reflect high effectiveness against the Brazilian strain of SARS-CoV-2.

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At last check-in premarket trading, shares of Ocugen Inc. (OCGN) were down -11.93% at $13.81. OCGN’s stock gained 23.76% to close Monday’s session at $15.68.In the past 12 months, the company’s stock has advanced 4566.67%, and in the last one week, the stock has moved up 35.29%.  Furthermore, the company has a current market of $2.93 billion and its outstanding shares stood at 188.17 million.


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About Covaxin

COVAXIN is being developed in collaboration with the Indian Council of Medical Research (ICMR) – National Institute of Virology (NIV). COVAXIN consists of high levels of purification and inactivated vaccine that is produced using a Vero cell manufacturing platform with a safety track record exceeding 300 million doses distributed.

The vaccines generates a strong immune response against multiple antigens and has been successful in generating memory T cell responses, for its several epitopes, depicting longevity and a fast antibody response to potential infections in the future. The published data demonstrates higher safety profile compared to available data for various other vaccines. COVAXIN can be stored at a temperature between 2-8⁰C and is packaged in multi-dose vials.

The second interim results of the Phase 3 clinical trial depicted, COVAXIN showed 78% overall efficacy and 100% in serious COVID-19 disease. In accordance to ICMR studies, Covaxin was effective in neutralizing various SARS-CoV-2 variants including (B.1.617 (India, double mutant), B.1.1.7 (United Kingdom), B.1.1.28 (Brazil P2), and heterologous strain) in an in-vitro plaque reduction neutralization assay.

In April, India’s Bharat Biotech confirmed Covaxin capacity expansion to be increased to 700 million doses per annum. First interim data announced in March depicted a clinical efficacy of 81% for prevention of COVID-19 in those without previous infection after the second dose.

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Conclusion.

COVAXIN has shown strong results in all the studies conducted to date. Furthermore, a high efficacy rate of the vaccine combined with a high safety profile has been seen beneficial for the pandemic, however, OCGN stock was declining 11.93% at last check, as the stock stabilizes.

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