Why Ocugen Plummeted by Nearly 30% Today

Thursday morning, Ocugen (NASDAQ: OCGN) announced that it is no longer pursuing emergency use authorization (EUA) from the FDA for the Covaxin coronavirus vaccine candidate; instead it will seek more formal approval for the jab. This didn't sit well at all with investors, who traded the stock down by more than 28%.

Ocugen is following a recommendation from the FDA, which in feedback to Covaxin data urged the biotech to file for a biologics license application (BLA) instead of the EUA. The regulator also requested additional data and information on the vaccine candidate.

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Source Fool.com