Why Ocugen Stock Is Skyrocketing Today

Shares of Ocugen (NASDAQ: OCGN) had skyrocketed by 19.1% as of 11:15 a.m. ET on Tuesday. The huge gain came after the company announced that the Food and Drug Administration (FDA) had lifted the clinical hold on its investigational new drug (IND) application for COVID-19 vaccine Covaxin.

Ocugen's announcement came after the market closed on Friday. Since the stock market was closed on Monday for Presidents' Day, investors had to wait for the biotech stock to soar.

The FDA initially placed a clinical hold on Ocugen's IND in November. As a result, Ocugen wasn't able to begin its planned phase 3 study of Covaxin in the U.S.

Source Fool.com