Ocugen has been explosive.
Since December 2020, the stock ran from a low of 29 cents to $13 good for a return of 4,383%. However, even after the run, OCGN could see further upside.
All after its development partner, Bharat Biotech, announced the results of the first interim analysis of its Phase 3 study of COVAXIN, which demonstrated a vaccine efficacy of 81%.
“We are thrilled with the interim efficacy results of Bharat Biotech’s Phase 3 trial of COVAXIN in India. These results, which in part suggest significant immunogenicity against the rapidly emerging UK variant, represent an additional step towards outlining the regulatory pathway for EUA and approval in the United States. COVAXIN, a whole virion based vaccine candidate, is designed to fill a significant unmet need in our national arsenal of vaccines against COVID-19,” said Dr. Shankar Musunuri, Chairman of the Board, Chief Executive Officer, and Co-founder of Ocugen, as quoted in a company press release.
At this pace, we wouldn’t be shocked to see OCGN break above prior resistance at $20.15 dating back to late 2019. From there, we could even see a test of late 2018 highs of $85.80.