Why Ocugen Stock Is Jumping Today
Shares of Ocugen (NASDAQ: OCGN) were jumping 4.4% higher at 10:58 a.m. ET on Friday after rising more than 5% earlier in the day. The gain came after the company announced that the first patient has been dosed in a phase 1/2 study evaluating experimental gene therapy OCU400 in treating genetic eye disease retinitis pigmentosa.
On one hand, the dosing of the first patient in an early-stage clinical study doesn't really change anything about Ocugen's prospects. So why did the biotech stock move higher? Any positive news can provide a catalyst for a highly volatile stock that has plunged as much as Ocugen has in recent months.
Today's announcement does represent a key milestone for Ocugen. The dosing of the first patient is an important step toward proving that OCU400 can be safely given to people suffering from retinitis pigmentosa. And if the safety evaluation goes well, Ocugen will be able to advance the experimental therapy into the phase 2 portion of the study to determine its efficacy.
Source Fool.com
