Ocugen (OCGN) Chief Financial Officer sends shares skyrocketing for round 2, a possible EUA filing for COVID-19 vaccine Covaxin. The stock hit a high of 22% in the green after rallying over 50% yesterday.
In addition, the CEO & Co-founder Shankar Musunuri shared an update via Linkedin. The CEO detailed that the company is preparing for an EUA filing.
Covaxin is developed by Bharat Biotech in collaboration with the Indian Council of Medical Research and its recent data came out to be 78% effective against COVID-19.
The FDA set a 50% effectiveness threshold for Emergency Use Authorization (EUA). Covaxin clearly exceeds the threshold. Last month, Ocugen announced that it is in talks with the FDA to create a legal pathway for Covaxin in the United States.
One thing to note is that Ocugen would struggle to gain market share unless the vaccine distinguishes itself in any way. Pfizer, Moderna, and others are now testing boosters to hit variants and expand their markets to include infants. As a result, Ocugen’s choices are limited.