Meme Stock Ocugen Jumps as Vaccine Shows Efficacy Versus Variants By Investing.com

By Christiana Sciaudone

Investing.com — Meme stock Ocugen (NASDAQ:OCGN) soared 20% as it may have discovered a vaccine against the Brazil Covid-19 variant.

Scientists at Indian Council of Medical Research (ICMR)-National Institute of Virology previously found that Covaxin is effective against the U.K. variant and the Indian double mutant.  

Shares of Ocugen shot up in January alongside Gamestop and AMC Entertainment (NYSE:AMC) as retail traders tried to take on the man by buying up stocks that had been shorted, meaning institutional investors expected them to tank at some point. Shares also rose after an April 21 report demonstrating the vaccine’s efficacy.

Shares have almost tripled since then.