Why Ocugen Stock Is Skyrocketing This Week

Shares of Ocugen (NASDAQ: OCGN) were skyrocketing 41.4% this week as of the market close on Thursday, according to data from S&P Global Market Intelligence. There were several factors behind this huge gain.

More than 27% of the biotech's stock float was sold short as of the end of September. Ocugen has been a meme stock popular with online investors for months. Any good news, therefore, was likely to provide a major catalyst.

Ocugen received two pieces of good news this week. On Tuesday, India gave Emergency Use Authorization (EUA) to COVID-19 vaccine Covaxin for children ages two to 18. The next day, India's NDTV reported that the vaccine was likely to soon receive a green light from the World Health Organization, according to inside sources.

Source Fool.com