Why Shares of Ocugen Jumped Thursday
Shares of clinical-stage biotech Ocugen (NASDAQ: OCGN) climbed as high as 14.2% on Thursday, to $1.29, shortly before noon.
Ocugen focuses on gene and cell therapies and vaccines to treat retinal diseases, infectious diseases, and orthopedic conditions. The stock is a meme favorite, listed at No. 79 on the Robinhood Top 100 list, and as such has been volatile.
It's possible, with 18.87% of the float sold short, some traders could be attempting a short squeeze. The company didn't have any announcements on Wednesday or Thursday. It's down more than 72% so far this year and is a lot closer to its 52-week low of $1.09 than its 52-week high of $5.06.
Source Fool.com
