Ocugen Inc. (OCGN) shares gained 13.85% in after-hours on Friday, July 2, 2021, and closed at $8.30 per share. Earlier in the morning session on Friday, OCGN’s stock lost 6.90% to close Friday’s session at $7.29. OCGN shares have risen 3195.66% over the last 12 months, and they have moved down 12.69% in the past week. Over the past three months, the stock has gained 10.96%, while over the past six months, it has shed 298.36%.
Let’s have a look at its recent developments.
Positive results from phase 3 study of COVAXIN
On July 02, 2021, Ocugen, Inc, co-development partner, Bharat Biotech, shared positive results of its Phase 3 study of COVAXIN. COVAXIN™ demonstrated a vaccine efficacy in mild, moderate, and severe COVID-19 disease of 77.8% with efficacy against severe COVID-19 disease alone of 93.4%.
In phase 3 clinical trial, 25,798 participants across 25 sites and between 18-98 years of age in India were enrolled, including 2,750 over the age of 60 and 7,065 with comorbidities.
Subjects vaccinated with COVAXIN™ in the phase 3 trial, achieved greater protection against emerging B.1.617.2 (delta) and B.1.351 (beta) variants than those who had previous natural infections. The phase 3 results showed an efficacy rate of 65.2% (95% CI; 33.1-83.0).
New appointment
On June 21, 2021, Ocugen, Inc appointed Ken Inchausti as Head, Investor Relations & Communications. Mr Inchausti will oversee the company’s investor relations activities, corporate communications and strategic positioning, leading issues management strategy and proactive media and social media relations programming.
Inducement grants
On June 18, 2021, the Board of Directors of Ocugen approved the grant of stock options to purchase an aggregate of 157,450 shares of its common stock and restricted stock units (RSUs) covering an aggregate of 26,300 shares of common stock to four new employees.
Coronavirus Vaccine Manufacturer in the US
On June 15, 2021, Ocugen, Inc selected Jubilant HollisterStier of Spokane, Washington as its manufacturing partner for COVAXIN™ to prepare for potential commercial manufacturing of COVAXIN™ for the US and Canadian markets.
Ocugen aimed for full U.S. approval of COVAXIN
On June 10, 2021, Ocugen Inc said that the company is no longer pursue an emergency use authorization for its COVID-19 vaccine candidate and would instead aim to file for a full U.S. approval of the shot.
The decision is based on FDA asked for more information and data for full approval.
Conclusion
The recent phase 3 trial results of COVAXIN showed positive results against deadly variants which was the reason behind its surge in the after-hours on Friday. the OCGN stock can continue its surge on Tuesday, after the long weekend.
