Ocugen Inc. (OCGN) stock gained a further 16.03% in the after-hours at $6.08 on December 17. The stock seems to continue gaining on its Covid-19 vaccines candidate’s positive data after a small profit booking event.
In the previous trading session, the stock gained 4.38% at $5.24 with 21.1 million shares exchanging. The gain multiplied in the after-hours as the stock reached $6.08 at a volume of 8.27 million shares.
Currently, the 199.19 million outstanding shares of OCGN trade at a market capitalization of $1.04 billion.
What is Happening?
On December 15, positive new data from the company’s Covid-19 vaccine candidate COVAXINTM was shared. Following the announcement, the OCGN stock became bullish and started gaining big. After gaining a good deal on December 15, the stock suffered some loss the next day, due to profit booking. Currently, the stock seems to be back on the bullish path, continuing to gain on the previous news.
In the past five sessions, the stock has lost 2.06%, while losing 32.12% last month. Moreover, OCGN has suffered a decrease of 33.92% in the past three months, while it gained 186.34% year to date. In addition, the one-year gain of the stock stands at a whopping 1,685.35%.
OCGN’s COVAXINTM Data
As per the data published by a third party, OCGN’s study of COVAXIN resulted in a robust and positive response. The vaccine developed active immune memory against spike and nucleoprotein, as compared to natural Covid-19 infection. The adaptive immune system generates long-term protection against a virus by creating memory B and T cells. Moreover, it also controls the infection.
During the study, the immune memory response of 71 vaccinated subjects was compared to that of 73 naturally infected subjects.
According to the data, in almost 85% of subjects, COVAXIN created T-cells against spike and nucleocapsid proteins. This persisted for a minimum of six months, hence supporting COVAXIN’s ability to induce long-term memory.
Currently, OCGN is conducting COVAXIN’s study to check its efficacy against the omicron variant. Moreover, the company will share the data as soon as possible.
Financials of the Company
On November 09, OCGN announced the financial results of the third quarter of 2021. In the third quarter of 2021, the net loss was $0.05 per share, against $0.07 in the year-ago quarter.
Moreover, OCGN ended the quarter with cash, cash equivalents, and restricted cash of $107.5 million.
