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Ocugen Inc. (OCGN) stock gains in the pre-market trading session. What’s driving it higher?

Ocugen Inc. (NASDAQ: OCGN) stock declined by 2.13% at the last trading close whereas the OCGN stock price rises by 16.30% in the pre-market trading. Ocugen, Inc. is a biopharmaceutical company specializing in the discovery, development, and commercialization of gene therapy to treat blindness and the development of a COVID-19 vaccine.

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What is happening?

On April 20, 2021, it was being announced that Bharat Biotech initially developed a coronavirus vaccine, which Ocugen would soon co-develop and produce. Given the enormous need for such vaccinations around the world, the deal’s near-term sales prospects may be enormous. It’s true that there’s plenty of demand for more coronavirus vaccines on the market, but the facts matter.

Bharat Biotech, a co-development partner, on 21, April 2021 reported promising findings from the second interim review of COVAXIN, a whole virion inactivated COVID-19 vaccine candidate, in its Phase 3 trial, but it has yet to be approved by the US Food and Drug Administration. That’s a challenge because Ocugen’s commercialization agreement only applies to the United States, where vaccination is moving ahead of time with vaccines that have already been approved for sale.

As a result, the sales capacity is expected to be lower than Reddit traders had anticipated.COVAXIN had a 78 percent efficacy against mild, moderate, and serious COVID-19 disease, with a 100 percent efficacy against severe COVID-19 disease alone.

Also,

The reality is that the OCGN can only receive 45 percent of the revenues from Covaxin purchases in the United States. Ocugen is a biotech company in the early stages with no clinical trials underway; it is not a pharmaceutical company. In other words, it has no track record of profitably producing something, let alone a commodity created by anyone else. It doesn’t mean it’ll crash, but it does mean that investors should be aware that it’s a much riskier bet than it seems on the surface.

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