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

Ocugen Inc. stock
OCGN,
+0.78%
rallied 16% in premarket trade Monday, after the biopharma company announced positive results in a trial of its COVID vaccine Covaxin. The Phase 2/3 trial involved 491 U.S. adult participants who receive two doses of Covaxin or placebo 28 days apart. Covaxin is a whole-virion inactivated COVID-19 investigational vaccine candidate that uses the same vero cell manufacturing platform that has been used in the production of polio vaccines for decades. “Covaxin, an inactivated virus vaccine adjuvanted with TLR7/8 agonist, has been demonstrated in clinical trials to generate a broader immune response against the whole virus covering important antigens such as S-protein, RBD, and N-protein; whereas currently approved vaccines in the U.S. target only S-protein antigen,” the company said in a statement. Chief Executive Dr. Shankar Musnuri said the company is hoping the vaccine will offer an option for those who are still hesitant to take an mRNA vaccine, which uses newer technology. Ocugen stock has fallen 68% in the last 12 months, while the S&P 500
SPX,
+2.28%
has fallen 17%.