Ocugen Stock Looks Ready to Rebound on Upbeat Booster News

The security is up over 68% in the last 12 months

Digital Content Manager
Jan 12, 2022 at 9:10 AM
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The shares of biotech name Ocugen Inc (NASDAQ:OCGN) are popping in pre-market trading, last seen up 11.1% at $4.62, following news that the company's Covid-19 booster vaccine --Covaxin -- showed efficacy in neutralizing both the omicron and delta variants. The data came from a study at Emory University, and showed that over 90% of those boosted with Covaxin, which was developed by Bharat Biotech, showed neutralizing antibodies against the two strains six months after their initial shots. 

OCGN has seen a series of peaks and valleys over the past 12 months, and the stock has decidedly been creeping into "valley" territory for the past couple months as it pulls back from its early November rally to the $17 level. The 20-day moving average has been guiding the shares lower, though OCGN looks ready to topple the trendline today. Year-over-year, OCGN boasts a 67% lead. 

A short-term bounce may have already been in the card for Ocugen stock. Its 14-day relative strength index (RSI) stands at 29, putting it in the "oversold" camp. 

Short sellers have viewed this recent pullback as a reason to pile on the stock, with short interest up 15.7% in the last two reporting periods. Because of this, the 54.30 million shares sold short make up a hefty 27.9% of the stock's available float. 

 

 

 

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