Why Ocugen Stock Is Crashing Today
Shares of Ocugen (NASDAQ: OCGN) were crashing 19.2% lower as of 11:23 a.m. ET on Friday. The steep decline came after the company announced that the U.S. Food and Drug Administration (FDA) won't grant Emergency Use Authorization (EUA) for COVID-19 vaccine Covaxin in children ages two to 18.
Some investors had set their hopes on the FDA being more lenient with pediatric use of Covaxin. Ocugen executives even sounded cautiously optimistic in the company's fourth-quarter conference call last month.
CEO Shankar Musunuri stated that he was "pleased to say" that Ocugen was in discussions with the FDA about the data it had submitted for the pediatric EUA. CFO Sanjay Subramanian said that there was "the potential for near-term revenue," depending on the EUA.
Source Fool.com
