Why Ocugen Stock Is Racing Higher Today

Shares of clinical-stage biotech Ocugen (NASDAQ: OCGN) are on fire today. Specifically, the biopharma's stock was up by a healthy 13.7%, on higher-than-normal volume, as of 2:46 p.m. ET Wednesday afternoon.

What's sparking this double-digit spike in Ocugen's share price? Mizuho Securities analyst Uy Ear reportedly initiated coverage on the biotech yesterday with a 12-month forward-looking price target of $5 per share. This stately price target implies a near-100% upside potential relative to Tuesday's closing price.

Mizuho's analyst noted that Ocugen's shares are only currently being valued at the commercial potential of its COVID-19 vaccine known as Covaxin. Covaxin is presently commercially available for adults in Mexico and it is being reviewed by regulatory authorities in Canada. Ocugen is co-commercializing the vaccine in North America with its developer Bharat Biotech of India.

Source Fool.com