Options Traders Speculate on OCGN After Vaccine Update

The shares of biopharmaceutical concern Ocugen Inc (NASDAQ:OCGN) are surging this afternoon, final seen up 7.2% to commerce at $6.56. The optimistic worth motion comes after the corporate introduced it’s is partnering with Jubilant HollisterStier to fabricate its Covid-19 vaccine candidate Covaxin™ to be used within the U.S. in addition to Canada. Though the vaccine has not but been accredited, choices merchants are responding to the information with enthusiasm.

So far at the moment, 91,000 calls and 27,000 places have crossed the tape, which is double what is often seen at this level. Most common by far is the June 7 name, adopted by the 7.5 name in the identical collection, with new positions being opened at each. This signifies merchants are speculating on extra upside for OCGN by the point contracts expire on Friday.

Analysts are bearish on Ocugen inventory, with three of the 4 in protection recommending a tepid “hold.” In different phrases, a shift in sentiment may propel the fairness greater. What’s extra, OCGN’s 12-month consensus worth goal of $5.38 is a 17.5% low cost to present ranges, leaving loads of room for upgrades within the close to future.

On the charts, Ocugen inventory is way from being the powerhouse it as soon as was when the corporate first went public in 2015, buying and selling across the $600 degree. After meddling under the $1 mark since November 2019, although, the fairness lastly broke above that degree final December. It has been a a unstable run on the charts for OCGN since then, however the inventory nonetheless boasts a jaw-dropping 2,293.1% year-over-year rise.

OCGN Chart June 15

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