What happened Shares of the clinical-stage biotech Ocugen (NASDAQ: OCGN) spiked by as much as 22% in premarket trading Tuesday morning. The biotech's stock is moving northward this morning on the news that the COVID-19 vaccine, Covaxin, was granted emergency use approval for children ages 2 to 18 by India's Subject Expert Committee. This vaccine is among the first to receive such a broad emergency use authorization label in the entire world. Ocugen is partnered with India's Bharat Biotech to commercialize Covaxin in Canada and the United States. The pair are now waiting on word from the World Health Organization on the vaccine's emergency use application. This critical regulatory decision is expected any day now. Image source: Getty Images. So what Ocugen's goal is to become an important second- to third-tier COVID-19 vaccine player in key developed markets like Canada and the United States. The problem with this strategy is that there are already a surfeit of novel coronavirus vaccines in these high-value territories, with more on the way. Novavax's highly anticipated COVID-19 vaccine known as NVX-CoV2373, for example, should be available in the U.S. early in 2022. As a result, it's not entirely clear how much of a commercial opportunity will be left for late-comers like Ocugen. Now what Is Ocugen's stock a buy on this news? This is an extremely positive regulatory development, to be sure. But it is unlikely to have any bearing on the vaccine's regulatory fate in either Canada or the United States. That said, the biotech's shares should still perform well over the long term. If the vaccine can carve out a profitable niche in these increasingly crowded markets where the company owns a commercial license, Ocugen could end up with a healthy and perhaps fairly long-lived revenue stream. 10 stocks we like better than Ocugen, Inc.When our award-winning analyst team has 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.* They 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 September 17, 2021 George Budwell 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