What happened

Shares of Ocugen (OCGN -3.54%) soared 43% on Thursday following positive clinical trial results and bullish analyst commentary. 

So what

Roth Capital analyst Zegbeh Jallah reiterated his buy rating and $10 price forecast for Ocugen's stock on Wednesday after its development partner, Bharat Biotech, shared positive data from an interim analysis of a phase 3 study of Covaxin, an investigational coronavirus vaccine. 

An upwardly sloping stock chart with its reflection.

Ocugen's stock price rose sharply on Thursday. Image source: Getty Images.

Covaxin demonstrated overall efficacy of 78% against COVID-19 and 100% protection against severe forms of the disease. The vaccine candidate was also shown to have efficacy of 70% against asymptomatic cases, which Jallah said could help to combat the spread of the virus by people who show no symptoms and might not be aware that they're infected.

Now what 

Based on these results, Jallah said Ocugen could soon apply for an emergency use authorization (EUA) from the Food and Drug Administration (FDA). Ocugen's deal with Bharat Biotech stipulates that it will receive 45% of any profits the vaccine earns in the U.S. market. Thus, Jallah posits that if Covaxin is authorized for sale in the U.S., Ocugen could enjoy a "significant revenue-generating opportunity." 

Judging by today's gains, many investors apparently agree with Jallah's positive outlook for Ocugen.