What happened Shares of Ocugen (NASDAQ: OCGN) surged 23.8% on Monday after the biotechnology company 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. Investors bid up Ocugen's stock price on Monday. Image source: Getty Images. "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. 10 stocks we like better than Ocugen, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Ocugen, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source