Ocugen Shares Hit 52-Week Low After FDA Declines EUA for Covaxin

By Chris Wack

Ocugen Inc. shares fell 14% to $2.83 after the company said the U.S. Food and Drug Administration declined to issue an emergency use authorization for Covaxin.

The stock, which was down as much as 31% premarket, hit its 52-week low of $2.37 earlier in the session.

The biopharmaceutical company said its Covaxin vaccine's emergency use authorization was for active immunization to prevent Covid-19 caused by SARS-CoV-2 in individuals 2 to 18 years of age.

Ocugen said it would continue working with the FDA to evaluate the regulatory pathway for the pediatric use of Covaxin.

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