Ocugen (OCGN) shares are up in the pre-market and this could be just the beginning to another rally. Last week Ocugen stock went parabolic after the company’s India-based partner Bharat announced second interim analysis of a phase 3 study of Covaxin. Covaxin faired well with overall efficacy of 78% against COVID-19 and 100% protection against severe disease.
The initially rally to the study results were followed by a post on LinkedIn by Ocugen CEO Shankar Musunuri suggesting that the biotech could submit its Emergency Use Authorization (EUA) request to the Food and Drug Administration (FDA).
Currently, OCGN is trading at 11/19$ with more 10M shares already exchanging hands in the pre-market session. Wall Street bullish and is looking forward to an emergency use authorization in the USA.
Below is the technical chart analysis on why OCGN could be one of the hottest stock on Wall Street.