Ocugen stock up 16% premarket after company announced positive results for its COVID vaccine

Ocugen Inc. inventory
OCGN,
+0.78%
rallied 16% in premarket commerce Monday, after the biopharma firm introduced optimistic leads to a trial of its COVID vaccine Covaxin. The Section 2/3 trial concerned 491 U.S. grownup members who obtain two doses of Covaxin or placebo 28 days aside. Covaxin is a whole-virion inactivated COVID-19 investigational vaccine candidate that makes use of the identical vero cell manufacturing platform that has been used within the manufacturing of polio vaccines for many years. “Covaxin, an inactivated virus vaccine adjuvanted with TLR7/8 agonist, has been demonstrated in scientific trials to generate a broader immune response towards the entire virus masking necessary antigens akin to S-protein, RBD, and N-protein; whereas presently accepted vaccines within the U.S. goal solely S-protein antigen,” the corporate mentioned in an announcement. Chief Govt Dr. Shankar Musnuri mentioned the corporate is hoping the vaccine will provide an choice for many who are nonetheless hesitant to take an mRNA vaccine, which makes use of newer know-how. Ocugen inventory has fallen 68% within the final 12 months, whereas the S&P 500
SPX,
+2.28%
has fallen 17%.