In the past week, the Ocugen Inc (NASDAQ:OCGN) stock has emerged as one to watch loosely in light of the fact that it clocked gains of as much as 30% during the period.
Trading Data
On Wednesday, OCGN stock fell 4.43% to $3.67 with more than 9.43 million shares, compared to its average volume of 13.32 million shares. The stock moved within a range of $3.6500 – 3.9800 after opening trade at $3.75.
Major Trigger
There was no news about the company yesterday but it could be a good move to take a look at the development from last week in order to get a better idea about the rally. The surge in the stock had been triggered owing to the company’s partnership with the Indian firm Bharat Biotech with regards to the development of a COVID 19 vaccine.
While there was no fresh development, it ought to be noted that at this point in time, the company owns the rights for selling the product in Canada and the United States, two of the most lucrative markets in the world.
The revenues that the company is going to generate are going to be come from the sales of the vaccine in these two markets. Covaxin, which is the name of the vaccine, has not yet been approved formally in these markets and hence, that is something that investors need to keep in mind when considering the Ocugen stock.
Technical Data
OCGN stock is trading above the 20-Day and 50-Day Moving averages of $3.25 and $3.42 respectively. However, the stock is trading below the 200-Day moving average of $6.34.
