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Why Ocugen Stock Is Falling Today

TheMotleyFool

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Why Ocugen Stock Is Falling TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Michael Light: https://img.theapi.app/temp/c28f6640-54ba-4d2b-afbe-b5fd3b0ee19e.png

Shares of Ocugen (NASDAQ: OCGN) are giving up ground in Wednesday's trading. The biotech stock was down roughly 12% in the daily session as of 11 a.m. EDT.

The World Health Organization (WHO) granted Emergency Use Listing (EUL) for Bharat Biotech and Ocugen's Covaxin COVID-19 vaccine today -- a development that had been viewed as a potentially major bullish catalyst for Ocugen stock. However, the company's valuation had already posted huge gains in the lead-up to the announcement, and it looks like this is a case of investors "selling the news."

Image source: Getty Images.

Source Fool.com

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