Why is Ocugen (OCGN) stock up 20% today?

Ocugen (NASDAQ:OCGN) Stocks rose on Monday as investors celebrated the latest information on a class action lawsuit the clinical-stage biopharmaceutical company was facing.

The lawsuit was brought by investors who believed the company had misled them. This specifically concerns Ocugen’s potential Covid-19 vaccine. The main complaints revolve around whether they will be able to get priority designation for the vaccine.

The big news today is that a US court has dismissed the case with prejudice. This means that investors no longer need to worry about the impact of this lawsuit on OCGN stock if the company loses the case.

If the company loses the class action lawsuit, upset investors could be awarded large sums of money in damages. This would have placed a considerable financial burden on the company.With this news, you no longer have to worry about that.

Monday’s OCGN stock price movement

OCGN stock has seen some unusual activity on Monday following news of the lawsuit being dismissed. As a result, over 29 million shares have been traded, resulting in active trading. This is significantly higher than the company’s average daily trading volume of approximately 6.9 million shares.

OCGN stock was up 19.5% as of Monday morning. Investors will also note that the stock is up 197% since the beginning of the year.

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On the date of publication, William White did not have (directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer and are influenced by InvestorPlace.com. Publishing guidelines.

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