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Unusual Call Accumulation in Ocugen (OCGN) for COVID Vaccine EUA

by | Jun 6, 2021

Ocugen (OCGN) a small cap Biotech that sees a lot of activity with 237,000 calls and 155,000 puts in open interest and an IV30 of 217%. The volatility structure indicated a large move is likely coming by mid-July though the most notable options activity came on 6/2 when 10,000 October $15 calls bought for over $2M. The October $17.50 calls also saw 10,000 open in smaller lots on 5/27. OCGN is showing sharply inverted 30-day IV Skew at -15%. OCGN is a biopharmaceutical company focused on developing gene therapies to cure blindness diseases and is also developing a COVID-19 vaccine. The COVID vaccine is being developed with Bharat Bio with Phase 3 trials ongoing in India and the first interim analysis showed 81% efficacy. OCGN plans on submitting a EUA for COVAXIN in June with the FDA. OCGN’s modifier gene therapy platform is based on NHRs, which have the potential to restore homeostasis, the basic biological processes in the retina. IRDs such as RP, a group of rare genetic disorders that involve a breakdown and loss of cells in the retina and can lead to visual impairment and blindness, affect over 2.0 million people worldwide. OCU400 has received four Orphan Drug Designations from the FDA for the treatment of certain disease genotypes. OCGN short interest has swelled to 19% of the float, rising 225% Q/Q.