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Ocugen (NASDAQ: OCGN) may be the most explosive stock on the market right now After hitting low of 29 cents in December 2020, OCGN stock is now trading at nearly $ 11, a return of over $ 3600% corresponds

That’s not bad for a stock that was almost delisted, and all thanks to a deal designed to help bring Bharat Biotech’s Covid-19 vaccine candidate, Covaxin, to the US Market

While this move has been impressive so far, I think the stock has much more upside potential. Indeed, if OCGN stock can break above the triple peak resistance around $ 2160 it could potentially fill a bearish gap around $ 3420

Earlier this week, Ocugen announced that Covaxin has an 81% effectiveness rate. Bruce Forrest, member of Ocugen’s Vaccine Advisory Board, stated in a press release:

“Today’s results of the interim analysis of Bharat Biotech’s Phase 3 study with COVAXIN mark a milestone in the development of another important vaccine option for the US market. COVAXIN has been shown to induce immune responses against several protein antigens of the virus, which may reduce the chance of the mutated virus escaping ”

Should we see stronger data from the company, OCGN stock could make slightly higher highs, plus should the US. Food & Drug Administration (FDA) grants Emergency Use Authorization (EUA) to the company $ 11 is possibly the cheapest this stock could have had in a while

Analysts appear equally optimistic For example, Tipranks quotes HC Wainwright analyst Swayampakula Ramakanth as follows:

“Compared to COVID-19 vaccines currently EUA approved, COVAXIN could induce broader immunity to multiple viral proteins, potentially leading to better protection against emerging mutant viruses such as the UK and South African variants could lead ”

While this is all still a wait and see situation, I wouldn’t be shocked if the OCGN rally continued in anticipation of better news

However, that’s not the only thing OCGN stock has to offer. Outside of the US, the company has recently had some success in Europe as well

According to reports, the European Medicines Agency (EMA) has given Ocugen the “Orphan Medical Designation” for the treatment of two eye problems. The first, retinitis pigmentosa (RP), affects around 165000 people in Europe while the other, Liver Congenital Amaurosis (LCA), around 40Affects 0000 people

According to Dr Mohamed Genead, the acting chief medical officer of Ocugen, has an “unmet need” with these two debilitating issues Genead notes:

“RP and LCA are chronically debilitating groups of IRDs that are characterized by severe impairment of visual functions already in childhood, often turn into night blindness and tunnel vision and ultimately lead to complete blindness”

OCGN is thus expanding the range of treatment options for these diseases and will benefit from this work

In just a few months, the price was between 29 cents and $ 14 now the price is $ 11, but the rally could continue due to involvement in Bharat Biotech’s Covid-19 vaccine candidate Ocugens RP and Ocugens LCA advances in Europe could also help

Given that OCGN stock was almost delisted months ago, its strides and 3600% gain are impressive and if the stock can break above triple its peak resistance it could secure that move too

At the time of this writing, Ian Cooper held (neither directly nor indirectly) positions in the securities referred to in this article

Ian Cooper, an InvestorPlacecom employee, has been analyzing stocks and options for web-based advice since 1999

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World News – CA – Expectation of better vaccine news could propel Ocugen