Ocugen (NASDAQ: OCGN) stock is under selling pressure as the company issued an aggregate of 10 million shares of its common stock priced at a premium to market in recent day. In addition, some early investors who owned the stock are exiting the game with their profits. Despite this, I am bullish on the stock.
Currently, the company with its partner, Bharat Biotech, jointly developed COVID vaccine, COVAXIN was approved by regulatory agency of India for emergency use. Earlier, trial results had also revealed that the vaccine was 78% efficient against the novel coronavirus, SARS-CoV-2 that causes COVID-19. The efficacies of all COVID-19 vaccines were subjected to uncertainties with the emergence of new, more infectious variants but COVAXIN has proved to neutralise most of them, as per the ICMR, and Dr Fauci.
Now, COVAXIN has been increasingly used in India. Although there were some critical voices appearing about the vaccine previously, these voices are disappearing now. If COVAXIN vaccine can get success in India, then, it will has opportunity to expand to foreign markets like U.S. and EU. Ocugen will also benefit from it.
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