Why Ocugen Stock Is Jumping Today
Shares of Ocugen (NASDAQ: OCGN) were jumping 7.2% higher as of 11:28 a.m. EST after rising as much as 16.4% earlier in the day. There wasn't any news fueling the drugmaker's gain. Instead, today's move appears to stem from continued enthusiasm among investors about the prospects for COVID-19 vaccine candidate Covaxin. Ocugen announced earlier this month that it's teaming up with India-based Bharat Biotech to commercialize the vaccine in the U.S.
Momentum is a law of physics that also often applies to biotech stocks such as Ocugen. Initial excitement about a stock among some investors catches the attention of other investors. As these investors scoop up shares, the cycle repeats and can create the kind of momentum we're seeing with Ocugen.
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