The slide in the Ocugen Inc (NASDAQ:OCGN) stock continued on Tuesday as the selloff carried on and it ended the day with a decline of 4%. That took the cumulative decline in the stock over the course of the past week to as much as 14%.
Trading Data
On Tuesday, OCGN stock moved down 3.80% to $2.79 with 10.28 million shares, compared to its average volume of 12.08 million shares. The stock moved within a range of $2.6600 – 2.8899 after opening trade at $2.69.
FDA Places Clinical Hold On Study Of Covid-19 Vaccine Candidate Covaxin
The slide in the stock continued yesterday owing to an adverse development in relation to the United States Food and Drug Administration. The biopharmaceutical company is currently best known for its work on the development of Covaxin, a COVID 19 vaccine. Yesterday, the stock tanked after the FDA announced that it had put the Phase 2/3 study of Covaxin on clinical hold.
It goes without saying that it was a highly negative development for Ocugen and the selloff in the stock was perhaps not a surprise. The step from the FDA had been triggered by the fact that the original developer of the product, Bharat Biotech, had recently had an inspection of its manufacturing facility.
It is now going to be interesting to see if the Ocugen stock can somehow arrest the slide in the coming days as the turmoil continues. It may be a good idea to keep an eye on the whole situation.
Technical Data
OCGN stock is trading below the 20-Day and 50-Day Moving averages of $3.19 and $3.32 respectively. Moreover, the stock is trading below the 200-Day moving average of $6.06.
