Why Ocugen Stock Is Jumping Today
Shares of Ocugen (NASDAQ: OCGN) were jumping 8.2% as of 12:04 p.m. ET on Monday. The gain reflected continued momentum for the stock after the company announced its fourth-quarter and 2021 full-year results on Friday.
Ocugen didn't report any revenue for the fourth quarter. It posted a net loss of nearly $14.6 million compared to a loss of $3.79 million in the prior-year period. However, investors cheered the progress the company is making on a couple of fronts.
In particular, the outlook for Covaxin appears more encouraging. On Feb. 18, the U.S. Food and Drug Administration (FDA) lifted the clinical hold on Ocugen's Investigational New Drug (IND) application for a phase 2/3 clinical study of the COVID-19 vaccine. The company also provided more data to the FDA that could help advance its Emergency Use Authorization (EUA) request for Covaxin in children.
Source Fool.com
