Why Ocugen Stock Is Sinking Today
Shares of Ocugen (NASDAQ: OCGN) were sinking 4.8% lower as of 11 a.m. ET on Tuesday after falling as much as 7.1% earlier in the day. The company didn't announce any news. Instead, today's decline appears to be due to short-term profit-taking after Ocugen jumped late last week after a positive regulatory development in India for COVID-19 vaccine Covaxin.
It's really not all that surprising that Ocugen's momentum didn't last long. The biotech stock surged close to 13% last Friday on news that didn't directly benefit Ocugen itself.
India's National Technical Advisory Group on Immunization Standing Technical Sub-Committee recommended Covaxin for use in kids ages five to 12. This was definitely good news for Ocugen's partner, Bharat Biotech, which markets the vaccine in India. However, the development doesn't really impact Ocugen very much.
Source Fool.com
