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. 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. In its press release on the matter, Ocugen admitted that data from a new clinical trial will likely be necessary to support a BLA submittal.
