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Why Ocugen Inc (OCGN) stock skyrocketed on Thursday after the latest announcement?

Ocugen Inc (OCGN) stock surged 42.92% in the normal trading session on Thursday, April 22, 2021, and closed at $9.29 per share. it’s kept its momentum going in the after-hours session and gained a further 10.98%.


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OCGN shares have climb sharply 2632.35% over the last 12 months, and they have moved up by 51.06% in the past week. Over the past three months, the stock has gained 312.89%, while over the past six months, it has added 2780.62%.

Strong Phase 3 results of COVAXIN

On April 21, 2021, Bharat Biotech, co-development partner of Ocugen, Inc reported the positive results of its Phase 3 study of COVAXIN. In the phase 3 study, COVAXINdemonstrated a vaccine efficacy in mild, moderate, and severe COVID-19 disease of 78% with efficacy against severe COVID-19 disease alone of 100%.

The phase 3 trial took place in India and 25,800 participants were enrolled .in Bharat’s trial

New SVP appointment

On April 14, 2021, Ocugen, Inc. appointed John Paul (J.P.) Gabriel as a senior Vice President (SVP) Manufacturing and Supply Chain.

John Paul (J.P.) Gabriel has 25 years of industry experience and held leadership positions in reputable biopharmaceutical companies around the globe.

Recent financial result

On March 18, 2021, Ocugen, Inc announced full-year 2020 financial results.

  • Ocugen suffered a $0.31 net loss per share for the year ended December 31, 2020, compared to a $1.46 net loss per share for the year ended December 31, 2019.
  • Ocugen spent $6.4 million in research and development expenses in FY 2020 compared to $8.1 million for the year ended December 31, 2019.
  • General and administrative expenses were $8.0 million for FY 2020, compared to $6.1 million for the year ended December 31, 2019.
  • As of December 31, 2020, Ocugen’s had cash, cash equivalents, and restricted cash totalled $24.2 million, compared to $7.6 million as of December 31, 2019.

Participation in the investor conferences

Ocugen Inc participated in the following investor conferences

  • The Oppenheimer 31st Annual Healthcare Conference which held on March 16-18.
  • The 33rd Annual Roth Conference which held on March 15-17
  • H.C. Wainwright Global Life Sciences Conference which held on March 9-10

At all three conferences mentioned above,Dr Shankar Musunuri, Chairman, CEO, and Co-Founder of the presented the company virtually.

Conclusion

The exceptional phase 3 trial result of COVAXIN was the reason behind its rally on Thursday. we can expect that the rally will continue on Friday because of COVAXIN 100%efficacy against severe COVID-19 disease.

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