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Ocugen Inc OCGN 42.92% shares soared 42.9% in the regular session and another 11% in the after-hours session on Thursday.

What Happened: The shares surged following positive clinical data announced by a partner of Ocugen and a bullish stance taken by Roth Capital analyst Zegbeh Jallah who has a Buy rating on the stock and a 12-month price target of $10.

Earlier, on Wednesday, Ocugen’s co-development partner Bharat Biotech said that the second interim analysis of Phase 3 of Covaxin, a COVID-19 vaccine candidate, shows itdemonstrated 78% efficiencyin mild, moderate, and severe disease.

The vaccine is reportedly 100% effective against severe forms of viral illness.

In a note, Jallah said that Ocugen has sufficient information to support the filing of an Emergency Use Authorization application in the United States.

“If granted, this could lead to a significant revenue generating opportunity for Ocugen,” wrote the analyst.

Jallah said that management has confirmed plans to make Covaxin available in the U.S.

The vaccine’s initial batches will undergo test and release at a U.S. facility approved by the Food and Drug Administration, as per Jallah.

Meanwhile, Bharat Biotech isramping up manufacturingto produce 700 million COVID-19 vaccine doses annually.

Earlier in the month, it was reported that Ocugen plans to sell100 million Covaxin dosesin the U.S.

Price Action: Ocugen shares closed 42.92% higher at $9.29 on Thursday and rose another almost 11% to $10.31 in the after-hours trading.