Shares of Ocugen Inc. sank 6.9% premarket, after the biotechnology company said the U.S. Food and Drug Administration placed a “clinical hold” on the Phase 2/3 study of its COVID-19 vaccine candidate Covaxin. Ocugen said the hold was the result of its decision to temporarily pause dosing participants in the study while it evaluates World Health Organization statements following their inspection of Bharat Biotech International Ltd.’s manufacturing facility. Ocugen said it will work with the FDA to address any questions. On April 2, the WHO confirmed the suspension of Covaxin following a March 14-22 inspection of the Bharat Biotech facility. In early March, the FDA had declined to issue an emergency use authorization for Covaxin. Ocugen’s stock has tumbled 36.3% year to date through Monday, while the iShares Biotechnology ETF has dropped 14.6% and the S&P 500 has lost 7.4%.
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