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(May 4) After surging nearly 24% yesterday, OCGN dipped 4% in premarket trading.

What happened

Shares of Ocugen(NASDAQ:OCGN)surged 23.8% on Monday after thebiotechnologycompany released promising data from a study of Covaxin, the COVID-19 vaccine candidate it hopes to bring to the U.S. market.

So what

Researchers at the Indian Council of Medical Research (ICMR) - National Institute of Virology believe Covaxin could protect against multiple coronavirus strains. Covaxin appeared to be effective against a variant from Brazil known as B.1.128.2. A previous study indicated that Covaxin could also protect against variants from the U.K. and India.

"Covaxin continues to show strong results in all the studies conducted to date," Ocugen co-founder and CEO Dr. Shankar Musunuri said in a press release. "We continue to believe this vaccine is a critical tool to include in our national arsenal to fight this pandemic."

Now what

Musunuri said Ocugen submitted a comprehensive drug master file to the U.S. Food and Drug Administration (FDA). The company is also preparing its application for an Emergency Use Authorization. Ocugen's agreement with its drug development partner, India-based Bharat Biotech, gives it a 45% share of any profits from the sale of Covaxin in the U.S., should it gain regulatory authorization.